CARGO Therapeutics (NASDAQ:CRGX) Lowered to Underweight Rating by JPMorgan Chase & Co.

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a note issued to investors on Thursday, MarketBeat.com reports.

A number of other research firms have also recently weighed in on CRGX. William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Chardan Capital restated a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, 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 report on Thursday. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Trading Down 3.4 %

Shares of CRGX opened at $13.19 on Thursday. The company’s 50 day simple moving average is $14.83 and its 200-day simple moving average is $17.45. CARGO Therapeutics has a 12-month low of $10.91 and a 12-month high of $33.92. The firm has a market cap of $607.14 million, a PE ratio of -3.10 and a beta of 2.50.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new stake in shares of CARGO Therapeutics during the 4th quarter valued at approximately $27,000. China Universal Asset Management Co. Ltd. purchased a new position in CARGO Therapeutics in the 4th quarter valued at approximately $141,000. BNP Paribas Financial Markets raised its holdings in CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the last quarter. SG Americas Securities LLC purchased a new stake in CARGO Therapeutics during the third quarter worth $234,000. Finally, JPMorgan Chase & Co. grew its holdings in CARGO Therapeutics by 74.9% in the third 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 last quarter. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.