Fmr LLC Boosts Stock Position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Fmr LLC boosted its holdings in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) by 458.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,851,830 shares of the company’s stock after purchasing an additional 2,341,054 shares during the period. Fmr LLC owned about 11.22% of Cartesian Therapeutics worth $45,972,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics in the second quarter valued at $47,000. Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at about $351,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cartesian Therapeutics during the second quarter valued at about $49,000. Logos Global Management LP bought a new position in Cartesian Therapeutics in the second quarter worth about $2,431,000. Finally, Marshall Wace LLP purchased a new stake in Cartesian Therapeutics in the second quarter worth about $811,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RNAC. Needham & Company LLC restated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Cartesian Therapeutics Stock Performance

Shares of Cartesian Therapeutics stock opened at $25.14 on Friday. The company has a 50-day simple moving average of $20.27 and a two-hundred day simple moving average of $19.73. The stock has a market capitalization of $639.06 million, a PE ratio of -0.48 and a beta of 0.59. Cartesian Therapeutics, Inc. has a 52-week low of $11.66 and a 52-week high of $41.87.

Insider Buying and Selling

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $16.44, for a total value of $425,796.00. Following the completion of the transaction, the chief technology officer now owns 51,033 shares of the company’s stock, valued at approximately $838,982.52. The trade was a 33.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction dated 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 directly owns 18,273 shares in the company, valued at approximately $294,743.49. The trade was a 65.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,089 shares of company stock worth $2,169,555 in the last three months. Insiders own 57.90% of the company’s stock.

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.