CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by Piper Sandler

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities researchers at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They currently have a $4.00 target price on the stock, down from their previous target price of $34.00. Piper Sandler’s price target points to a potential downside of 69.67% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. William Blair cut CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday. HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $32.00 to $7.00 in a research note on Thursday. Chardan Capital reissued a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Price Performance

CRGX opened at $13.19 on Thursday. The firm has a 50 day simple moving average of $14.83 and a 200 day simple moving average of $17.45. CARGO Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $33.92. The company has a market cap of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. As a group, analysts expect that CARGO Therapeutics will post -3.73 EPS for the current year.

Institutional Trading of CARGO Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Brooklyn Investment Group acquired a new position in CARGO Therapeutics during the fourth quarter worth $27,000. JPMorgan Chase & Co. lifted its position in CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after buying an additional 6,426 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after buying an additional 7,380 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new stake in CARGO Therapeutics during the fourth quarter worth about $141,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

About CARGO Therapeutics

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.