CARGO Therapeutics (NASDAQ:CRGX) Lowered to Neutral Rating by Piper Sandler

Piper Sandler lowered shares of CARGO Therapeutics (NASDAQ:CRGX) from an overweight rating to a neutral rating in a report published on Thursday, Marketbeat.com reports. The firm currently has $4.00 target price on the stock, down from their previous target price of $34.00.

A number of other brokerages also recently commented on CRGX. HC Wainwright downgraded shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. William Blair cut shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $32.00 to $7.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, CARGO Therapeutics currently has an average rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock opened at $3.39 on Thursday. The company’s fifty day moving average is $14.77 and its two-hundred day moving average is $17.42. CARGO Therapeutics has a 1 year low of $3.00 and a 1 year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, sell-side analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRGX. Brooklyn Investment Group purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at $27,000. JPMorgan Chase & Co. grew its holdings in 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 buying an additional 6,426 shares during the period. MetLife Investment Management LLC increased its stake in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after acquiring an additional 7,380 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after acquiring an additional 9,311 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of CARGO Therapeutics in the fourth quarter worth approximately $141,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.