CARGO Therapeutics (NASDAQ:CRGX) Downgraded to "Neutral" Rating by Piper Sandler

Piper Sandler cut shares of CARGO Therapeutics (NASDAQ:CRGX - Free Report) from an overweight rating to a neutral rating in a report published on Thursday morning, MarketBeat reports. They currently have $4.00 price objective on the stock, down from their previous price objective of $34.00.

CRGX has been the subject of several other reports. Chardan Capital reissued a "buy" rating and set a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. HC Wainwright cut shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a research report on Thursday. William Blair lowered shares of CARGO Therapeutics from an "outperform" rating to a "market perform" rating in a report on Thursday. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an "overweight" rating to an "underweight" rating in a research report on Thursday. Finally, Truist Financial cut CARGO Therapeutics from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $32.00 to $7.00 in a research report on Thursday. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $15.00.

CARGO Therapeutics Stock Up 1.4 %

CRGX stock traded up $0.05 during trading on Thursday, hitting $3.65. 1,740,563 shares of the company's stock traded hands, compared to its average volume of 1,770,539. The firm has a market capitalization of $168.01 million, a P/E ratio of -0.86 and a beta of 2.12. CARGO Therapeutics has a 1 year low of $3.00 and a 1 year high of $33.92. The business has a fifty day simple moving average of $14.27 and a two-hundred day simple moving average of $17.22.

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

Hedge Funds Weigh In On CARGO Therapeutics

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

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.