Insider Selling: Cartesian Therapeutics, Inc. (NASDAQ:RNAC) CTO Sells 32,789 Shares of Stock

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) CTO Metin Kurtoglu sold 32,789 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $16.67, for a total transaction of $546,592.63. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $850,720.11. This represents a 39.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Metin Kurtoglu also recently made the following trade(s):

• On Monday, November 18th, Metin Kurtoglu sold 34,400 shares of Cartesian Therapeutics stock. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00.
• On Thursday, November 14th, Metin Kurtoglu sold 25,900 shares of Cartesian Therapeutics stock. The shares were sold at an average price of $16.44, for a total value of $425,796.00.

Cartesian Therapeutics Stock Up 13.5 %

RNAC opened at $18.87 on Friday. Cartesian Therapeutics, Inc. has a 12-month low of $11.66 and a 12-month high of $42.60. The firm has a market capitalization of $479.68 million, a P/E ratio of -0.36 and a beta of 0.63. The stock’s 50 day moving average price is $19.50 and its two-hundred day moving average price is $20.04.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its holdings in Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after purchasing an additional 909 shares during the period. SG Americas Securities LLC acquired a new position in shares of Cartesian Therapeutics during the first quarter valued at about $31,000. American International Group Inc. bought a new stake in shares of Cartesian Therapeutics in the first quarter valued at about $37,000. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics during the second quarter worth about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Cartesian Therapeutics in the 2nd quarter valued at approximately $49,000. Institutional investors own 86.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a report on Friday, November 8th. TD Cowen assumed coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating on the stock. Finally, HC Wainwright reduced their price objective on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, November 8th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.33.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.