Truist Financial Downgrades CARGO Therapeutics (NASDAQ:CRGX) to Hold

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

Several other research firms have also recently commented on CRGX. William Blair started coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an “outperform” rating for the company. HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, CARGO Therapeutics has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Trading Down 74.3 %

Shares of NASDAQ CRGX opened at $3.39 on Thursday. CARGO Therapeutics has a 12-month low of $3.00 and a 12-month high of $33.92. The firm’s 50-day simple moving average is $14.77 and its 200 day simple moving average is $17.42.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. Research analysts expect that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

A number of large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in CARGO Therapeutics by 87.7% in the 3rd 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 period. Geode Capital Management LLC lifted 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 valued at $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Barclays PLC boosted its position in shares of 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 buying an additional 39,102 shares during the period. MetLife Investment Management LLC grew its holdings in shares of CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after buying an additional 7,380 shares in the last quarter. Finally, State Street Corp raised its position in 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 buying an additional 88,000 shares during the last quarter. 93.16% of the stock is 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.