CARGO Therapeutics (NASDAQ:CRGX) Downgraded to “Market Perform” Rating by William Blair

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by William Blair from an “outperform” rating to a “market perform” rating in a report issued on Thursday, MarketBeat reports.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday. HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $32.00 to $7.00 in a research report on Thursday. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Stock Down 3.4 %

CRGX opened at $13.19 on Thursday. CARGO Therapeutics has a 52 week low of $10.91 and a 52 week high of $33.92. The stock has a market cap of $607.14 million, a PE ratio of -3.10 and a beta of 2.50. The business has a 50 day moving average of $14.83 and a 200-day moving average of $17.45.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its holdings in CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after buying an additional 77,508 shares in the last quarter. RTW Investments LP boosted its holdings in shares of CARGO Therapeutics by 0.5% during the 3rd quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after acquiring an additional 20,833 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of CARGO Therapeutics by 1.8% in the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after acquiring an additional 46,659 shares during the period. Wellington Management Group LLP raised 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 valued at $37,688,000 after purchasing an additional 79,782 shares during the last quarter. Finally, State Street Corp grew its position in CARGO Therapeutics by 11.7% in the 3rd 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 period. 93.16% of the stock is owned by 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.