FREDERICK, Md.—In recent transactions disclosed by Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a $442 million market cap biotech company currently trading at $17.16 per share, Chief Financial Officer Blaine Davis sold a total of 7,989 shares of common stock. The sales, which took place on January 3 and January 6, were executed at prices ranging from $16.7219 to $16.8322 per share. The total value of these transactions amounts to approximately $134,035. The stock has experienced recent pressure, down 4.19% year-to-date, though it remains well above its 52-week low of $11.66. InvestingPro analysis reveals 8 additional key insights about RNAC's financial health and valuation.
Following these sales, Davis retains ownership of 94,811 shares in the company. According to the filing, the shares were sold to satisfy withholding tax obligations upon the vesting of restricted stock units and to cover related broker fees. The company maintains a strong liquidity position with a current ratio of 10.7, indicating robust short-term financial health.
In other recent news, Cartesian Therapeutics has made significant strides in its clinical trials and operations. The biotech firm announced promising results from its Phase 2b trial of Descartes-08, a potential treatment for generalized myasthenia gravis (MG). The trial demonstrated a 71% improvement in MG Composite scores in the Descartes-08 group, compared to a 25% improvement in the placebo group.
In a strategic move, Cartesian converted its Series B Non-Voting Convertible Preferred Stock into common stock, resulting in 23,893,525 shares of Common Stock issued and outstanding. This decision may simplify the company's capital structure and potentially broaden its shareholder base.
Analyst firms have shown confidence in Cartesian's progress. H.C. Wainwright adjusted its outlook on the company, raising its price target from $41.00 to $45.00 and maintaining a Buy rating. Similarly, Mizuho (NYSE:MFG) reaffirmed its Outperform rating, highlighting the competitive edge of Descartes-08. Additionally, BTIG initiated a Buy rating on Cartesian Therapeutics stock, emphasizing the potential of the company's mRNA-based CAR-T cell therapies.
These are recent developments for Cartesian Therapeutics, reflecting the company's continued efforts in advancing its mRNA cell therapy candidates and strategic financial planning.
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