Why Cargo Therapeutics Stock Rocketed Nearly 20% Higher This Week
This was a good week to be invested in clinical-stage biotech Cargo Therapeutics (NASDAQ: CRGX). The company dropped its second-quarter earnings release, and investors were quite cheered by the progress the business is making. They also liked that its net loss for the period wasn't as deep as analysts expected. Across the five trading days, Cargo's stock price rose by just under 19%, according to data compiled by S&P Global Market Intelligence.
As Cargo has not yet commercialized any of its treatments in development, it is currently pre-revenue. Like any business, of course, it has expenses. As a result, it posted a net loss for the quarter. This amounted to slightly over $44.3 million, or $1.02 per share, which was much steeper than the almost $18 million deficit in the same period of 2023.
However, on average, analysts tracking Cargo stock were expecting a notably worse result. Collectively, they were modeling a per-share net loss of $1.41.
Source Fool.com
