Brokerages Set CARGO Therapeutics, Inc. (NASDAQ:CRGX) Price Target at $15.00

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been given a consensus recommendation of “Reduce” by the seven brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and six have issued a hold rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $15.00.

Several equities research analysts recently issued reports on CRGX shares. Jefferies Financial Group downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $32.00 to $3.00 in a research note on Thursday, January 30th. Piper Sandler cut CARGO Therapeutics from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $34.00 to $4.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday, January 30th. HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th. Finally, Chardan Capital cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th.

Institutional Trading of CARGO Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new position in CARGO Therapeutics in the 4th quarter valued at $27,000. Tower Research Capital LLC TRC grew its stake in shares of CARGO Therapeutics by 565.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,800 shares of the company’s stock valued at $84,000 after acquiring an additional 4,929 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in CARGO Therapeutics during the fourth quarter worth about $141,000. Invesco Ltd. acquired a new stake in CARGO Therapeutics in the 4th quarter worth about $165,000. Finally, ProShare Advisors LLC bought a new stake in CARGO Therapeutics in the 4th quarter valued at about $171,000. 93.16% of the stock is owned by institutional investors and hedge funds.

CARGO Therapeutics Price Performance

Shares of CRGX stock opened at $4.18 on Friday. The company has a fifty day moving average price of $6.13 and a two-hundred day moving average price of $14.10. CARGO Therapeutics has a one year low of $3.00 and a one year high of $27.96. The stock has a market cap of $192.50 million, a P/E ratio of -0.98 and a beta of 1.65.

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.