CARGO Therapeutics (NASDAQ:CRGX) Downgraded by Truist Financial to “Hold”

Truist Financial lowered shares of CARGO Therapeutics (NASDAQ:CRGX) from a buy rating to a hold rating in a research note released on Thursday, Marketbeat reports. Truist Financial currently has $7.00 price objective on the stock, down from their previous price objective of $32.00.

Other equities analysts also recently issued research reports about the company. Chardan Capital reiterated a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. William Blair started coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an “outperform” rating on the stock. Finally, HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, CARGO Therapeutics has an average rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Stock Down 74.3 %

CRGX stock opened at $3.39 on Thursday. CARGO Therapeutics has a one year low of $3.00 and a one year high of $33.92. The firm has a 50-day moving average of $14.77 and a two-hundred day moving average of $17.42.

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

Institutional Trading of CARGO Therapeutics

A number of hedge funds have recently modified their holdings of CRGX. Charles Schwab Investment Management Inc. boosted its stake in CARGO Therapeutics by 87.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after buying an additional 138,261 shares in the last quarter. Geode Capital Management LLC raised its position in CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Barclays PLC lifted its stake in CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the period. MetLife Investment Management LLC boosted its holdings in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, State Street Corp grew its stake in shares of CARGO Therapeutics by 11.7% in the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after purchasing an additional 88,000 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.