By Katherine Hamilton
Shares of Cargo Therapeutics rose after the company said it plans to cease development for more treatments and review strategic options.
The stock rose 17% to $4.44 on Tuesday after the market closed. Shares have fallen 74% over the past three months.
The biotechnology company, which focuses on curative cell therapies for cancer patients, said Tuesday it is reducing its workforce by 90% and discontinuing development of its remaining pipeline assets. Its chief executive is also departing.
Cargo is reviewing strategic options and working with TD Cowen as a financial adviser, it said.
Board Chairman John Owin said Cargo wants to find a permanent home for its remaining assets and maximize value for shareholders.
The announcement comes about two months after Cargo said it would discontinue a study of firi-cel and cut its workforce in half. Shares fell to $3.39 from $13.19 after that announcement.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 18, 2025 17:19 ET (21:19 GMT)
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