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CARGO Therapeutics , Inc. (NASDAQ:CRGX) reported that Anup Radhakrishnan, the company's Interim Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, sold a portion of his company holdings. The transaction, which took place on April 3, 2025, involved the sale of 1,629 shares of common stock at a weighted average price of approximately $4.0037 per share. The sale comes as CRGX shares have declined nearly 81% over the past year, with the stock currently trading near its 52-week low of $3.00. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units.
Following this transaction, Radhakrishnan holds 77,317 shares directly. The transaction was executed in multiple trades with prices ranging from $4.00 to $4.075, as noted in the filing.
In other recent news, CARGO Therapeutics has announced a major operational shift, halting the development of its CRG-023 candidate and its allogeneic platform. This decision follows the discontinuation of the Phase 2 FIRCE-1 study due to safety concerns and insufficient benefit-risk profiles, leading to a workforce reduction of approximately 90%. CARGO reported cash reserves of $368.1 million as of December 31, 2024, as it explores strategic alternatives to optimize shareholder value. Analysts have responded to these developments with several downgrades. Jefferies downgraded the stock from Buy to Hold, reducing the price target to $3.00 from $32.00, citing the early-stage status of the company's next-generation tri-specific CAR-T therapy, CRG-023. Truist Securities also downgraded the stock to Hold, with a price target cut to $7.00. JPMorgan downgraded the stock to Underweight, expressing concerns over the company's future prospects. Despite these challenges, CARGO remains focused on advancing its trispecific program, with Phase 1 trials expected to begin in the second quarter.
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