Christopher M. Jewell, Chief Scientific Officer at Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a $442 million market cap biotech company, recently sold shares of the company in two separate transactions. The stock has declined about 4% year-to-date, currently trading at $17.16. On January 3, Jewell sold 1,264 shares at a price of $16.7219 each, and on January 6, he sold an additional 1,286 shares at $16.8322 per share. The total value of these transactions amounted to $42,782. Following these sales, Jewell holds 53,490 shares of Cartesian Therapeutics. According to InvestingPro data, analyst price targets for RNAC range from $22 to $45, suggesting potential upside from current levels. The sales were conducted to satisfy withholding tax obligations upon the vesting of restricted stock units and to cover related broker fees. InvestingPro subscribers can access 7 additional key insights about RNAC's financial health and valuation metrics.
In other recent news, Cartesian Therapeutics has made significant strides in its clinical trials, operations, and received positive feedback from analysts. The biotech firm recently reported a 71% improvement in MG Composite scores in the Phase 2b trial group for Descartes-08, a potential treatment for generalized myasthenia gravis (MG), compared to a 25% improvement in the placebo group. Cartesian also converted its Series B Non-Voting Convertible Preferred Stock into common stock, simplifying its capital structure and potentially broadening its shareholder base.
Analyst firms BTIG and H.C. Wainwright have expressed confidence in Cartesian's progress. BTIG initiated a Buy rating on Cartesian Therapeutics with a price target of $42, highlighting the company's innovative approach in developing mRNA-based CAR-T cell therapies. H.C. Wainwright adjusted its outlook on Cartesian, raising its price target from $41.00 to $45.00 and maintaining a Buy rating. Similarly, Mizuho (NYSE:MFG) reaffirmed its Outperform rating, underscoring the competitive edge of Descartes-08.
These recent developments underline Cartesian Therapeutics' ongoing efforts in advancing its mRNA cell therapy candidates and strategic financial planning. Notably, the company plans to initiate a Phase 3 trial for myasthenia gravis in the first half of 2025. Cartesian's mRNA CAR-T therapies are gaining attention due to their potential efficacy and safety in treating autoimmune diseases with significant B-cell involvement.
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