Lucid Capital downgraded Cargo Therapeutics (CRGX) to Neutral from Buy with a price target of $4, down from $34, after the company announced the discontinuation of the Phase 2 FIRCE-1 study investigating firi-cel in relapsed/ refractory patients with large B-cell lymphoma. The firm removed firi-cel from its valuation and reduced Cargo’s earlier pipeline and platform value. It awaits clinical data from pipeline programs before getting more constructive on the shares.
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