Great Point Partners LLC Makes New Investment in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Great Point Partners LLC purchased a new position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 200,000 shares of the company’s stock, valued at approximately $3,224,000. Cartesian Therapeutics makes up approximately 0.9% of Great Point Partners LLC’s portfolio, making the stock its 26th biggest position. Great Point Partners LLC owned 0.79% of Cartesian Therapeutics at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RNAC. Artal Group S.A. acquired a new stake in Cartesian Therapeutics in the first quarter worth about $5,939,000. Vanguard Group Inc. acquired a new stake in Cartesian Therapeutics in the first quarter worth about $4,105,000. FMR LLC lifted its holdings in shares of Cartesian Therapeutics by 458.3% during the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock worth $45,972,000 after purchasing an additional 2,341,054 shares during the period. Logos Global Management LP acquired a new stake in shares of Cartesian Therapeutics during the second quarter worth about $2,431,000. Finally, American International Group Inc. acquired a new stake in shares of Cartesian Therapeutics during the first quarter worth about $37,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $18.65 on Wednesday. Cartesian Therapeutics, Inc. has a 12 month low of $11.66 and a 12 month high of $42.60. The business has a 50 day simple moving average of $19.58 and a 200-day simple moving average of $19.95.

Wall Street Analyst Weigh In

RNAC has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a report on Monday. HC Wainwright decreased their target price on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, TD Cowen initiated coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $42.33.

Insider Activity

In other news, CTO Metin Kurtoglu sold 32,789 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $16.67, for a total value of $546,592.63. Following the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $850,720.11. The trade was a 39.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy A. Springer purchased 80,301 shares of the stock in a transaction dated Friday, October 4th. The stock was purchased at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the purchase, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. The trade was a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 128,089 shares of company stock worth $2,169,555 over the last three months. 57.90% of the stock is currently owned by corporate insiders.

Cartesian Therapeutics 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.