CARGO Therapeutics (NASDAQ:CRGX) Cut to “Neutral” at Chardan Capital

Chardan Capital downgraded shares of CARGO Therapeutics (NASDAQ:CRGX) from a buy rating to a neutral rating in a report released on Thursday morning, MarketBeat.com reports.

A number of other brokerages also recently issued reports on CRGX. Jefferies Financial Group downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the stock from $32.00 to $3.00 in a report on Thursday. HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. William Blair lowered CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, Piper Sandler lowered CARGO Therapeutics from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $34.00 to $4.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Stock Performance

Shares of CRGX stock opened at $3.39 on Thursday. The firm’s 50 day moving average is $14.77 and its 200 day moving average is $17.42. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. On average, equities research analysts predict that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Brooklyn Investment Group bought a new position in shares of CARGO Therapeutics during the 4th quarter valued at $27,000. China Universal Asset Management Co. Ltd. bought a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $141,000. BNP Paribas Financial Markets lifted its stake in shares of CARGO Therapeutics by 437.8% in 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 last quarter. SG Americas Securities LLC purchased a new stake in CARGO Therapeutics during the 3rd quarter valued at about $234,000. Finally, JPMorgan Chase & Co. grew 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 acquiring an additional 6,426 shares during the last quarter. 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.