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

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have received a consensus recommendation of “Reduce” from the seven analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $15.00.

Several analysts have issued reports on CRGX shares. Piper Sandler cut shares of 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 CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday. HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Chardan Capital cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday.

CARGO Therapeutics Price Performance

CARGO Therapeutics stock opened at $3.39 on Friday. The firm has a market capitalization of $156.04 million, a P/E ratio of -0.80 and a beta of 2.50. CARGO Therapeutics has a one year low of $3.00 and a one year high of $33.92. The business has a fifty day moving average price of $14.77 and a 200-day moving average price of $17.42.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Sell-side analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Several large investors have recently added to or reduced their stakes in CRGX. abrdn plc bought a new position in CARGO Therapeutics in the fourth quarter worth about $593,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $141,000. Brooklyn Investment Group bought a new position in shares of CARGO Therapeutics in the 4th quarter worth approximately $27,000. JPMorgan Chase & Co. lifted its stake in shares of CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 shares during the period. Finally, Barclays PLC boosted its position in shares of CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares in the last quarter. Institutional investors 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.