HC Wainwright Downgrades CARGO Therapeutics (NASDAQ:CRGX) to Neutral

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

Several other research analysts have also commented on CRGX. William Blair started coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. 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. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Trading Down 3.4 %

NASDAQ:CRGX opened at $13.19 on Thursday. The company has a market capitalization of $607.14 million, a P/E ratio of -3.10 and a beta of 2.50. The business’s 50-day moving average is $14.83 and its 200 day moving average is $17.45. CARGO Therapeutics has a 12 month low of $10.91 and a 12 month high of $33.92.

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

Institutional Trading of CARGO Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 374,018 shares during the period. Sio Capital Management LLC purchased a new stake in CARGO Therapeutics in the third quarter worth $3,208,000. Charles Schwab Investment Management Inc. lifted its position in shares of 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 purchasing an additional 138,261 shares during the last quarter. State Street Corp lifted its position in shares of CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock worth $15,495,000 after purchasing an additional 88,000 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after purchasing an additional 79,782 shares during the period. Institutional investors own 93.16% of the company’s stock.

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.