Analysts Set CARGO Therapeutics, Inc. (NASDAQ:CRGX) PT at $15.00

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have been assigned an average recommendation of “Reduce” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $15.00.

CRGX has been the subject of several research analyst reports. JPMorgan Chase & Co. cut CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. William Blair cut CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $32.00 to $7.00 in a research report on Thursday, January 30th. Jefferies Financial Group lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $32.00 to $3.00 in a research report on Thursday, January 30th. Finally, Chardan Capital lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Charles Schwab Investment Management Inc. increased its position in CARGO Therapeutics by 87.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock valued at $5,460,000 after buying an additional 138,261 shares in the last quarter. FMR LLC increased its position in CARGO Therapeutics by 1.1% during the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after buying an additional 77,508 shares in the last quarter. BNP Paribas Financial Markets increased its position in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares in the last quarter. MetLife Investment Management LLC increased its position in CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after buying an additional 7,380 shares in the last quarter. Finally, Sio Capital Management LLC bought a new position in CARGO Therapeutics during the 3rd quarter valued at approximately $3,208,000. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $4.15 on Friday. CARGO Therapeutics has a fifty-two week low of $3.00 and a fifty-two week high of $28.13. The stock has a 50 day simple moving average of $6.51 and a two-hundred day simple moving average of $14.28. The stock has a market cap of $191.12 million, a P/E ratio of -0.97 and a beta of 1.65.

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.