CARGO Therapeutics (NASDAQ:CRGX) Cut to Market Perform at William Blair

William Blair downgraded shares of CARGO Therapeutics (NASDAQ:CRGX) from an outperform rating to a market perform rating in a research report released on Thursday morning, MarketBeat Ratings reports.

Several other research analysts have also recently weighed in on the company. HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Chardan Capital reiterated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. JPMorgan Chase & Co. cut shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. Finally, Truist Financial lowered shares of 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 research note on Thursday. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Trading Down 74.3 %

Shares of NASDAQ:CRGX opened at $3.39 on Thursday. CARGO Therapeutics has a twelve month low of $3.00 and a twelve month high of $33.92. The company’s 50 day moving average is $14.77 and its 200 day moving average is $17.42.

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

Institutional Trading of CARGO Therapeutics

Several institutional investors have recently modified their holdings of the stock. 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 buying an additional 138,261 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Barclays PLC boosted its stake in shares of CARGO Therapeutics by 226.7% in the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after acquiring an additional 39,102 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, State Street Corp raised 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. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.