Carisma Therapeutics Stock (CARM) Retreats 35% After a Massive Rally
Carisma Therapeutics (CARM) stock retreated on Wednesday after the biopharmaceutical company's shares underwent a massive 389.42% rally on Tuesday. There was no clear news behind this surge, making an argument for it being a 'dead cat bounce' or 'sucker's rally.'
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Adding to this is the state of Carisma Therapeutics' operations. The company has laid off a large portion of its staff and is considering strategic alternatives. Management has even warned that a wind-down of the business could be on the horizon.
With the lack of a catalyst and the dire situation Carisma Therapeutics is in, traders shouldn't be surprised to learn that the stock is falling after yesterday's rally. This has CARM shares down 35.1% in pre-market trading today. While Carisma Therapeutics has retained a large portion of its gains from yesterday, that could diminish further over the next few days of trading.
Is Carisma Therapeutics Stock a Buy, Sell, or Hold?
TipRanks' AI analyst, Spark, offers a Neutral (43) rating and no price target for Carisma Therapeutics. Spark cites 'significant financial challenges' including 'poor financial performance and valuation metrics' as reasons for this rating.
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