CARGO Therapeutics (NASDAQ:CRGX) Lowered to “Neutral” Rating by HC Wainwright

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities research analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports.

A number of other equities analysts also recently issued reports on CRGX. Chardan Capital restated a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. William Blair assumed coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $13.19 on Thursday. The company has a market capitalization of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50. The stock has a 50-day moving average of $14.83 and a 200 day moving average of $17.45. CARGO Therapeutics has a one year low of $10.91 and a one year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, equities analysts predict that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRGX. FMR LLC lifted its holdings in CARGO Therapeutics by 1.1% during 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. RTW Investments LP raised its position 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 purchasing an additional 20,833 shares during the period. Janus Henderson Group PLC lifted its stake in shares of CARGO Therapeutics by 1.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after buying an additional 46,659 shares in the last quarter. Wellington Management Group LLP boosted its holdings in CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after buying an additional 79,782 shares during the period. Finally, State Street Corp increased its stake 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 buying an additional 88,000 shares in the last quarter. 93.16% of the stock is currently 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.