CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by William Blair

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) was downgraded by investment analysts at William Blair from an "outperform" rating to a "market perform" rating in a research report issued on Thursday, MarketBeat.com reports.

Several other research firms have also recently commented on CRGX. JPMorgan Chase & Co. cut CARGO Therapeutics from an "overweight" rating to an "underweight" rating in a report on Thursday. Truist Financial downgraded CARGO Therapeutics from a "buy" rating to a "hold" rating and cut their target price for the stock from $32.00 to $7.00 in a research note on Thursday. HC Wainwright cut shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a research report on Thursday. Finally, Chardan Capital reissued a "buy" rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $15.00.

CARGO Therapeutics Trading Up 1.4 %

NASDAQ:CRGX traded up $0.05 during trading hours on Thursday, reaching $3.65. 1,740,563 shares of the company were exchanged, compared to its average volume of 1,770,539. 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 twelve month low of $3.00 and a twelve month high of $33.92. The stock's 50-day moving average is $14.27 and its 200-day moving average is $17.22.

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

Institutional Trading of CARGO Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CRGX. abrdn plc acquired a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $593,000. China Universal Asset Management Co. Ltd. acquired a new stake in CARGO Therapeutics in the 4th quarter valued at approximately $141,000. Brooklyn Investment Group purchased a new stake in CARGO Therapeutics in the fourth quarter valued at approximately $27,000. JPMorgan Chase & Co. raised its position 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. Finally, Barclays PLC lifted its stake in 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 purchasing an additional 39,102 shares in the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.