CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by Jefferies Financial Group

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $3.00 price target on the stock, down from their previous price target of $32.00. Jefferies Financial Group’s price objective would indicate a potential downside of 16.67% from the stock’s previous close.

Several other research firms have also issued reports on CRGX. Piper Sandler lowered 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 report on Thursday. Chardan Capital reiterated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their price objective for the company from $32.00 to $7.00 in a research report on Thursday. Finally, William Blair lowered CARGO Therapeutics from an “outperform” rating to a “market perform” rating 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Price Performance

Shares of NASDAQ CRGX opened at $3.60 on Thursday. The business has a 50-day moving average of $14.53 and a 200-day moving average of $17.33. The stock has a market capitalization of $165.70 million, a price-to-earnings ratio of -0.85 and a beta of 2.50. CARGO Therapeutics has a fifty-two week low of $3.00 and a fifty-two week high of $33.92.

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

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors have recently made changes to their positions in CRGX. Charles Schwab Investment Management Inc. increased its stake in shares of CARGO Therapeutics by 87.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after purchasing an additional 138,261 shares during the period. Geode Capital Management LLC increased its position in CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after buying an additional 374,018 shares during the period. Barclays PLC lifted its holdings in shares of CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after buying an additional 39,102 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of CARGO Therapeutics by 59.3% in the third 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 period. Finally, State Street Corp grew its stake in shares of CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after acquiring an additional 88,000 shares in the last quarter. 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.