CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $15.00 Consensus Target Price from Analysts

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has earned a consensus rating of “Reduce” from the seven research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $15.00.

A number of equities analysts have recently weighed in on CRGX shares. HC Wainwright cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the stock from $32.00 to $7.00 in a research note on Thursday, January 30th. Finally, Jefferies Financial Group cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $32.00 to $3.00 in a research report on Thursday, January 30th.

Institutional Investors Weigh In On CARGO Therapeutics

Several large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in CARGO Therapeutics by 87.7% in the 3rd 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 during the period. Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 374,018 shares in the last quarter. Barclays PLC increased its position 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 acquiring an additional 39,102 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in 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 purchasing an additional 7,380 shares during the last quarter. Finally, State Street Corp grew its stake in CARGO Therapeutics by 11.7% during the 3rd 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. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Price Performance

CRGX opened at $3.69 on Tuesday. The business has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $15.92. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $33.92. The stock has a market capitalization of $169.85 million, a P/E ratio of -0.87 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.