CARGO Therapeutics (NASDAQ:CRGX) Lowered to "Underweight" Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics (NASDAQ:CRGX - Free Report) from an overweight rating to an underweight rating in a research report report published on Thursday, MarketBeat.com reports.

A number of other brokerages also recently issued reports on CRGX. Chardan Capital reaffirmed a "buy" rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright cut shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a report on Thursday. Truist Financial lowered shares of CARGO Therapeutics from a "buy" rating to a "hold" rating and cut their price target for the stock from $32.00 to $7.00 in a research note on Thursday. Finally, William Blair began coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an "outperform" rating for the company. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat, CARGO Therapeutics currently has an average rating of "Hold" and a consensus target price of $15.00.

CARGO Therapeutics Stock Performance

Shares of NASDAQ:CRGX traded up $0.05 during trading hours on Thursday, reaching $3.65. The stock had a trading volume of 1,740,563 shares, compared to its average volume of 1,770,539. CARGO Therapeutics has a 1 year low of $3.00 and a 1 year high of $33.92. The firm's 50 day moving average is $14.27 and its 200-day moving average is $17.22. The stock has a market capitalization of $168.01 million, a price-to-earnings ratio of -0.86 and a beta of 2.12.

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

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its position in CARGO Therapeutics by 80.6% in the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company's stock valued at $15,469,000 after acquiring an additional 374,018 shares during the period. Sio Capital Management LLC purchased a new position in shares of CARGO Therapeutics in the 3rd quarter valued at approximately $3,208,000. Charles Schwab Investment Management Inc. increased its holdings in shares of CARGO Therapeutics by 87.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company's stock valued at $5,460,000 after purchasing an additional 138,261 shares during the period. State Street Corp raised its stake in shares of CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company's stock worth $15,495,000 after purchasing an additional 88,000 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company's stock worth $37,688,000 after purchasing an additional 79,782 shares during the period. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.