CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Consensus Rating of “Reduce” by Analysts

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have earned an average rating of “Reduce” from the seven brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $15.00.

A number of analysts recently commented on the stock. William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. Piper Sandler downgraded shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $34.00 to $4.00 in a report on Thursday, January 30th. JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and dropped their target price for the stock from $32.00 to $7.00 in a report on Thursday, January 30th. Finally, HC Wainwright downgraded shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of CARGO Therapeutics by 87.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after acquiring an additional 138,261 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Barclays PLC grew its position in 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. MetLife Investment Management LLC grew its position in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, State Street Corp grew its position in CARGO Therapeutics by 11.7% during the third 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 in the last quarter. 93.16% of the stock is owned by hedge funds and other institutional investors.

CARGO Therapeutics Price Performance

NASDAQ CRGX opened at $3.77 on Tuesday. The company’s 50 day simple moving average is $10.29 and its 200 day simple moving average is $15.85. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $33.92. The company has a market capitalization of $173.53 million, a P/E ratio of -0.88 and a beta of 2.07.

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.