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

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) was downgraded by equities research analysts at Truist Financial from a "buy" rating to a "hold" rating in a report issued on Thursday, Marketbeat reports. They presently have a $7.00 price target on the stock, down from their prior price target of $32.00. Truist Financial's target price indicates a potential upside of 91.78% from the stock's previous close.

Several other research analysts also recently issued reports on CRGX. William Blair started coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an "outperform" rating for the company. HC Wainwright downgraded shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a report on Thursday. Finally, Chardan Capital reiterated a "buy" rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.00.

CARGO Therapeutics Stock Performance

CRGX stock traded up $0.05 during trading on Thursday, reaching $3.65. 1,740,563 shares of the company were exchanged, compared to its average volume of 1,770,539. The stock's 50 day moving average price is $14.27 and its 200 day moving average price is $17.22. CARGO Therapeutics has a 52-week low of $3.00 and a 52-week high of $33.92. The company has a market cap of $168.01 million, a P/E ratio of -0.86 and a beta of 2.12.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, equities research analysts forecast that CARGO Therapeutics will post -3.74 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in CARGO Therapeutics during the fourth quarter worth about $27,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of CARGO Therapeutics during the 4th quarter valued at about $141,000. BNP Paribas Financial Markets lifted its holdings in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company's stock worth $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC acquired a new stake in shares of CARGO Therapeutics in the third quarter worth approximately $234,000. Finally, JPMorgan Chase & Co. grew its holdings in CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company's stock valued at $277,000 after purchasing an additional 6,426 shares during the period. Hedge funds and other institutional investors own 93.16% of the company's stock.

CARGO Therapeutics Company Profile

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.