CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have earned a consensus rating of “Reduce” from the seven research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $15.00.

A number of research firms recently commented on CRGX. HC Wainwright lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th. Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $32.00 to $7.00 in a report on Thursday, January 30th. Jefferies Financial Group lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $32.00 to $3.00 in a research note on Thursday, January 30th. JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday, January 30th. Finally, Chardan Capital cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th.

CARGO Therapeutics Stock Up 1.9 %

Shares of CRGX stock opened at $4.21 on Friday. The company has a market capitalization of $193.78 million, a P/E ratio of -0.99 and a beta of 1.63. CARGO Therapeutics has a 12-month low of $3.00 and a 12-month high of $33.84. The firm has a 50-day moving average price of $7.13 and a 200 day moving average price of $14.58.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRGX. Brooklyn Investment Group acquired a new position in CARGO Therapeutics during the 4th quarter valued at about $27,000. Tower Research Capital LLC TRC raised its stake in shares of CARGO Therapeutics by 565.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,800 shares of the company’s stock worth $84,000 after buying an additional 4,929 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in CARGO Therapeutics in the fourth quarter valued at approximately $141,000. Invesco Ltd. bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $165,000. Finally, ProShare Advisors LLC acquired a new stake in CARGO Therapeutics during the 4th quarter worth $171,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

CARGO Therapeutics Company Profile

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.