Cargo Therapeutics stock surged 19% after positive earnings, financing news, and progress in cancer drug trials.

From Nasdaq: 2024-08-16 18:50:46

Cargo Therapeutics (NASDAQ: CRGX) had a great week with its stock price increasing by nearly 19% after dropping its second-quarter earnings. The company’s net loss was lower than expected, coming in at slightly over $44.3 million. Cargo also secured $110 million in financing, extending its cash runway through 2026. Additionally, its investigational cancer drug Firi-cel CRG-022 is in Phase 2 clinical testing, with all 31 trial sites activated and 38 participants receiving doses. Despite not being recommended by Motley Fool Stock Advisor, Cargo Therapeutics continues to make strides in the biotech industry.



Read more at Nasdaq: Why Cargo Therapeutics Stock Rocketed Nearly 20% Higher This Week