CARGO Therapeutics (NASDAQ:CRGX) Rating Lowered to Hold at Jefferies Financial Group

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) was downgraded by research analysts at Jefferies Financial Group from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $3.00 price target on the stock, down from their prior price target of $32.00. Jefferies Financial Group's target price suggests a potential downside of 17.81% from the company's current price.

A number of other research analysts have also recently weighed in on CRGX. JPMorgan Chase & Co. cut shares of CARGO Therapeutics from an "overweight" rating to an "underweight" rating in a research note on Thursday. HC Wainwright downgraded CARGO Therapeutics from a "buy" rating to a "neutral" rating in a research report on Thursday. Piper Sandler cut 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 note on Thursday. Truist Financial lowered CARGO Therapeutics from a "buy" rating to a "hold" rating and dropped their price target for the company from $32.00 to $7.00 in a research note on Thursday. Finally, Chardan Capital reiterated a "buy" rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to data from MarketBeat.com, CARGO Therapeutics currently has a consensus rating of "Hold" and an average target price of $15.00.

CARGO Therapeutics Stock Performance

Shares of CRGX stock traded up $0.05 during trading hours on Thursday, reaching $3.65. The company had a trading volume of 1,740,563 shares, compared to its average volume of 1,770,539. The business has a fifty day moving average price of $14.27 and a 200-day moving average price of $17.22. The firm has a market cap of $168.01 million, a PE ratio of -0.86 and a beta of 2.12. CARGO Therapeutics has a one year low of $3.00 and a one year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.26. Equities research analysts forecast that CARGO Therapeutics will post -3.74 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently made changes to their positions in CRGX. Brooklyn Investment Group bought a new stake in CARGO Therapeutics in the fourth quarter worth about $27,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of CARGO Therapeutics during the 4th quarter worth approximately $141,000. BNP Paribas Financial Markets boosted its holdings in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company's stock valued at $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC bought a new position in CARGO Therapeutics in the 3rd quarter valued at $234,000. Finally, JPMorgan Chase & Co. increased its stake in CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company's stock worth $277,000 after purchasing an additional 6,426 shares during the period. 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.