Metin Kurtoglu, the Chief Technology Officer of Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a $442 million market cap biotech company currently trading at $17.16, recently sold shares of the company worth $81,790. The stock has declined about 4% since the start of the year, according to InvestingPro data. The transactions, which took place on January 3 and January 6, involved the sale of 2,417 shares at a price of $16.7219 per share and 2,458 shares at $16.8322 per share, respectively. Following these transactions, Kurtoglu holds 62,258 shares of Cartesian Therapeutics. The sales were executed to satisfy withholding tax obligations upon the vesting of restricted stock units and to cover related broker fees. InvestingPro subscribers can access additional insights, including 7 more ProTips about RNAC's financial health and valuation metrics.
In other recent news, Cartesian Therapeutics has made significant strides in its clinical trials and operations. The biotech firm recently reported promising results from its Phase 2b trial of Descartes-08, a potential treatment for generalized myasthenia gravis (MG). The trial showed a 71% improvement in MG Composite scores in the Descartes-08 group, compared to a 25% improvement in the placebo group.
BTIG initiated a Buy rating on Cartesian Therapeutics, emphasizing the company's innovative approach to mRNA-based CAR-T cell therapies, particularly for autoimmune disorders. Similarly, H.C. Wainwright adjusted its outlook on the company, raising its price target and maintaining a Buy rating. Mizuho (NYSE:MFG) also reaffirmed its Outperform rating, highlighting the competitive edge of Descartes-08.
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.
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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