90% Workforce Reduction Sent This Small Cap Soaring

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, March 19, 2025

A California-based healthcare company is turning heads mid-week after it announced that it will be cutting its workforce by 90%. While this is certainly nothing to pop champagne over, there’s no doubting the fact that trimming expenses, even as extreme as this circumstance, is good for the bottom line.

Traders were quick to buy up shares of CARGO Therapeutics Inc. (Nasdaq:CRGX), pushing the small cap up to $4.55/share (+19.74%) at the early session high. This move builds on the slow appreciation this stock has seen since the gap down earlier this year.

CARGO Therapeutics, Inc., a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies. It also develops CRG-023, a tri-specific CAR T product candidate that targets tumor cells with three B-cell antigen targets. The company was formerly known as Syncopation Life Sciences, Inc. and changed its name to CARGO Therapeutics, Inc. in September 2022. CARGO Therapeutics, Inc. was incorporated in 2019 and is headquartered in San Mateo, California.

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