Ikarian Capital LLC Reduces Holdings in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Ikarian Capital LLC reduced its position in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) by 78.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,193 shares of the company’s stock after selling 190,177 shares during the period. Ikarian Capital LLC’s holdings in Cartesian Therapeutics were worth $841,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RNAC. BNP Paribas Financial Markets boosted its stake in shares of Cartesian Therapeutics by 122.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after purchasing an additional 909 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth about $49,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth about $351,000. Finally, Marshall Wace LLP acquired a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth about $811,000. 86.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNAC has been the topic of several analyst reports. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday. Needham & Company LLC reissued a “buy” rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a research report on Tuesday. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock. Finally, HC Wainwright reduced their price target on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.33.

Insider Activity

In other news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the sale, the insider now owns 18,273 shares in the company, valued at $294,743.49. This trade represents a 65.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy A. Springer acquired 80,301 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were purchased at an average price of $22.58 per share, for a total transaction of $1,813,196.58. Following the purchase, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This trade represents a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 128,089 shares of company stock worth $2,169,555 over the last 90 days. Company insiders own 57.90% of the company’s stock.

Cartesian Therapeutics Price Performance

RNAC stock traded up $0.74 during midday trading on Tuesday, reaching $19.57. 176,215 shares of the company’s stock traded hands, compared to its average volume of 116,453. The company has a market capitalization of $497.47 million, a P/E ratio of -0.37 and a beta of 0.60. Cartesian Therapeutics, Inc. has a fifty-two week low of $11.66 and a fifty-two week high of $41.87. The business has a 50-day moving average price of $19.80 and a two-hundred day moving average price of $19.77.

Cartesian Therapeutics Company Profile

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.