Jefferies Financial Group Downgrades CARGO Therapeutics (NASDAQ:CRGX) to Hold

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued on Thursday, MarketBeat.com reports. They currently have a $3.00 target price on the stock, down from their prior target price of $32.00. Jefferies Financial Group’s target price would suggest a potential downside of 16.67% from the company’s current price.

Several other research firms have also recently weighed in on CRGX. William Blair cut shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday. JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday. Chardan Capital reaffirmed a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Piper Sandler cut shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $34.00 to $4.00 in a research report on Thursday. Finally, Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the stock from $32.00 to $7.00 in a research report on Thursday. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, CARGO Therapeutics presently has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Stock Performance

Shares of CRGX stock opened at $3.60 on Thursday. The stock’s fifty day moving average is $14.53 and its 200-day moving average is $17.33. CARGO Therapeutics has a 52 week low of $3.00 and a 52 week high of $33.92. The stock has a market capitalization of $165.70 million, a PE ratio of -0.85 and a beta of 2.50.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its holdings in shares of CARGO Therapeutics by 20.3% during the second quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock worth $2,611,000 after acquiring an additional 26,808 shares during the period. SG Americas Securities LLC acquired a new stake in shares of CARGO Therapeutics in the 3rd quarter valued at about $234,000. Charles Schwab Investment Management Inc. lifted 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 in the last quarter. FMR LLC lifted its holdings in shares of CARGO Therapeutics by 1.1% in the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after purchasing an additional 77,508 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after buying an additional 9,311 shares during the period. Institutional investors own 93.16% of the company’s stock.

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.