It happened just after 10:30 p.m. Wednesday on 8th Street near Floradora.
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Police say a group of men and the victim got into an argument that soon led to a fight.
One of the men in the group pulled out a knife and stabbed the victim several times in the upper body.
He was rushed to Community Regional Medical Center and last reported in critical condition.
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"We have been searching the area for a possible weapon, it has not been located and we're told the involved suspect and subjects with him fled the area," said Fresno Police Lt. Larry Bowlan.
Police do not have a description of the suspect at this time, but the victim is said to be in his late teens to early 20's.
No word if the stabbing was gang-related.