CARGO Therapeutics (NASDAQ:CRGX) Downgraded by Truist Financial to “Hold”

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Thursday, MarketBeat reports. They currently have a $7.00 target price on the stock, down from their prior target price of $32.00. Truist Financial’s price objective would indicate a potential downside of 46.93% from the company’s previous close.

Other research analysts also recently issued reports about the company. William Blair assumed coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, CARGO Therapeutics presently has an average rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Stock Down 3.4 %

CARGO Therapeutics stock opened at $13.19 on Thursday. The company has a 50 day moving average of $14.83 and a 200-day moving average of $17.45. CARGO Therapeutics has a twelve month low of $10.91 and a twelve month high of $33.92. The stock has a market capitalization of $607.14 million, a PE ratio of -3.10 and a beta of 2.50.

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

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CRGX. Brooklyn Investment Group bought a new position in shares of CARGO Therapeutics in the fourth quarter valued at $27,000. China Universal Asset Management Co. Ltd. acquired a new stake in CARGO Therapeutics in the fourth quarter valued at $141,000. BNP Paribas Financial Markets grew its position in shares of CARGO Therapeutics by 437.8% in the 3rd 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 period. SG Americas Securities LLC acquired a new position in shares of CARGO Therapeutics during the 3rd quarter worth about $234,000. Finally, JPMorgan Chase & Co. raised its holdings 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. 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.