CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $15.00 Average PT from Brokerages

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

Several brokerages have issued reports on CRGX. Chardan Capital downgraded shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. cut CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday, January 30th. Jefferies Financial Group downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $32.00 to $3.00 in a research report on Thursday, January 30th. Piper Sandler downgraded shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $34.00 to $4.00 in a research report on Thursday, January 30th. Finally, William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 30th.

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of CARGO Therapeutics by 31.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,832 shares of the company’s stock valued at $214,000 after purchasing an additional 3,570 shares in the last quarter. RTW Investments LP raised its stake in shares of CARGO Therapeutics by 0.6% during the fourth quarter. RTW Investments LP now owns 4,124,859 shares of the company’s stock valued at $59,480,000 after purchasing an additional 25,904 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of CARGO Therapeutics by 18.7% during the fourth quarter. Rafferty Asset Management LLC now owns 32,812 shares of the company’s stock valued at $473,000 after purchasing an additional 5,161 shares in the last quarter. Red Tree Management LLC bought a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $30,293,000. Finally, ProShare Advisors LLC bought a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $171,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

CRGX opened at $4.11 on Friday. CARGO Therapeutics has a 1 year low of $3.00 and a 1 year high of $32.79. The firm has a 50 day moving average price of $6.94 and a 200 day moving average price of $14.45. The company has a market cap of $189.27 million, a PE ratio of -0.96 and a beta of 1.65.

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.