CARGO Therapeutics (NASDAQ:CRGX) Lowered to “Hold” Rating by Jefferies Financial Group

Jefferies Financial Group cut shares of CARGO Therapeutics (NASDAQ:CRGX) from a buy rating to a hold rating in a research report released on Thursday, Marketbeat.com reports. Jefferies Financial Group currently has $3.00 price objective on the stock, down from their previous price objective of $32.00.

A number of other analysts have also recently issued reports on the company. Piper Sandler cut CARGO Therapeutics from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $34.00 to $4.00 in a research note on Thursday. William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday. JPMorgan Chase & Co. cut shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $7.00 in a report on Thursday. Finally, Chardan Capital restated a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Trading Down 74.3 %

CRGX opened at $3.39 on Thursday. The firm’s fifty day moving average is $14.77 and its two-hundred day moving average is $17.42. CARGO Therapeutics has a twelve month low of $3.00 and a twelve month high of $33.92.

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

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Sio Capital Management LLC bought a new stake in shares of CARGO Therapeutics in the 3rd quarter valued at about $3,208,000. Charles Schwab Investment Management Inc. lifted its stake in CARGO Therapeutics by 87.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock valued at $5,460,000 after purchasing an additional 138,261 shares during the last quarter. State Street Corp lifted its stake in CARGO Therapeutics by 11.7% in the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after purchasing an additional 88,000 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in CARGO Therapeutics by 4.1% in the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after buying an additional 79,782 shares during the period. 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.