CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $15.00 Consensus Target Price from Brokerages

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has earned an average recommendation of “Reduce” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $15.00.

Several analysts recently commented on CRGX shares. Truist Financial cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $32.00 to $7.00 in a report on Thursday, January 30th. HC Wainwright lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, January 30th. Chardan Capital downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th. Jefferies Financial Group downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the stock from $32.00 to $3.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGX. RTW Investments LP grew its position in shares of CARGO Therapeutics by 0.6% in the fourth quarter. RTW Investments LP now owns 4,124,859 shares of the company’s stock valued at $59,480,000 after purchasing an additional 25,904 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of CARGO Therapeutics by 5.8% in the fourth quarter. Janus Henderson Group PLC now owns 2,830,544 shares of the company’s stock valued at $40,859,000 after acquiring an additional 155,259 shares during the period. Wellington Management Group LLP raised its stake in CARGO Therapeutics by 7.2% during the 4th quarter. Wellington Management Group LLP now owns 2,190,811 shares of the company’s stock valued at $31,591,000 after purchasing an additional 148,088 shares during the last quarter. Red Tree Management LLC bought a new stake in CARGO Therapeutics in the 4th quarter valued at $30,293,000. Finally, Vanguard Group Inc. increased its holdings in shares of CARGO Therapeutics by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,084,515 shares of the company’s stock worth $30,059,000 after purchasing an additional 22,286 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $4.26 on Wednesday. The firm’s 50 day moving average price is $3.92 and its two-hundred day moving average price is $12.08. CARGO Therapeutics has a twelve month low of $3.00 and a twelve month high of $25.45. The stock has a market cap of $196.18 million, a price-to-earnings ratio of -1.00 and a beta of 0.66.

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.