JPMorgan Chase & Co. Downgrades CARGO Therapeutics (NASDAQ:CRGX) to Underweight

JPMorgan Chase & Co. lowered shares of CARGO Therapeutics (NASDAQ:CRGX) from an overweight rating to an underweight rating in a report released on Thursday, Marketbeat.com reports.

CRGX has been the topic of several other reports. Truist Financial cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $7.00 in a research note on Thursday. HC Wainwright lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Chardan Capital restated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Stock Performance

NASDAQ:CRGX opened at $3.39 on Thursday. CARGO Therapeutics has a 1 year low of $3.00 and a 1 year high of $33.92. The stock’s fifty day moving average price is $14.77 and its two-hundred day moving average price is $17.42.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, analysts expect that CARGO Therapeutics will post -3.73 EPS for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in CARGO Therapeutics in the 4th quarter worth approximately $27,000. China Universal Asset Management Co. Ltd. bought a new position in shares of CARGO Therapeutics in the fourth quarter worth approximately $141,000. BNP Paribas Financial Markets increased its position in shares of 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 acquiring an additional 9,311 shares during the period. SG Americas Securities LLC bought a new position in CARGO Therapeutics during the 3rd quarter valued at approximately $234,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after acquiring an additional 6,426 shares in the last quarter. 93.16% of the stock is currently 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.