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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned a consensus rating of “Reduce” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $15.00.

CRGX has been the subject of a number of recent analyst reports. Piper Sandler cut shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $34.00 to $4.00 in a research note on Thursday, January 30th. William Blair lowered shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, January 30th. Chardan Capital lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th.

CARGO Therapeutics Trading Up 3.4 %

CRGX stock opened at $3.90 on Tuesday. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $33.92. The company has a 50-day moving average price of $10.29 and a 200 day moving average price of $15.87. The stock has a market cap of $179.52 million, a PE ratio of -0.92 and a beta of 2.07.

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently modified their holdings of the business. Brooklyn Investment Group bought a new stake in shares of CARGO Therapeutics in the 4th quarter valued at about $27,000. Tower Research Capital LLC TRC raised its stake in shares of CARGO Therapeutics by 565.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,800 shares of the company’s stock worth $84,000 after acquiring an additional 4,929 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $141,000. Invesco Ltd. bought a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $165,000. Finally, ProShare Advisors LLC bought a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $171,000. 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.