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CARGO Therapeutics, a biotechnology firm focused on innovative cancer treatments with a market capitalization of $621 million, has seen its stock price touch a 52-week low, dipping to $12.17. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 18.95 and holds more cash than debt on its balance sheet. This latest price point reflects a significant downturn from the previous year, with the company's stock experiencing a 1-year change of -33.86%. Investors are closely monitoring CARGO Therapeutics as it navigates through a challenging phase, balancing its research advancements with market expectations. The 52-week low serves as a critical juncture for the company, with analysts setting price targets between $28 and $34. InvestingPro analysis suggests the stock may be undervalued at current levels, with 8 additional exclusive insights available to subscribers.
In other recent news, Cargo Therapeutics has been the subject of significant analyst attention. Clear Street initiated coverage, assigning a Buy rating with a $28 price target, aligning with broader analyst consensus. The firm expressed optimism about Cargo Therapeutics' leading drug candidate, Firi-cel, due to its superior efficacy compared to existing treatments for B-cell malignancies. Clear Street also underscored the blockbuster potential of Firi-cel, estimating peak sales to reach approximately $2.1 billion.
Cargo Therapeutics is eagerly anticipated to release interim results from its pivotal trial. The company's FIRCE-1 trial for Firi-cel reported a substantial increase in patient enrollment and a manufacturing success rate over 95%. Other recent developments include progress with its CRG-023 therapy, securing approximately $110 million from a private investment, and entering a sublease agreement with Vaxcyte, Inc.
Analyst firms TD Cowen and Piper Sandler have maintained their positive ratings, with Piper Sandler reaffirming its Overweight rating based on research supporting the safety profile of CAR-T therapies. Lastly, Cargo Therapeutics announced the appointment of Dr. Kapil Dhingra to its Board of Directors. These are recent developments in the company's operations.
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