Cargo Therapeutics downgraded to Hold from Buy at Jefferies

Jefferies downgraded Cargo Therapeutics (CRGX) to Hold from Buy with a price target of $3, down from $32. The company announced the “surprising and disappointing news” that it will discontinue its lead Phase II firi-cel due to safety and durability, the analyst tells investors in a research note. The firm says this is a reset and that Cargo’s next-generation tri-specific CAR-T CRG-023 is very early stage.