Fmr LLC Has $45.97 Million Stake in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

FMR LLC lifted its holdings in Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) by 458.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,851,830 shares of the company's stock after buying an additional 2,341,054 shares during the period. FMR LLC owned about 11.22% of Cartesian Therapeutics worth $45,972,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Point72 DIFC Ltd purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $49,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $351,000. Marshall Wace LLP purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $811,000. Finally, Lake Street Advisors Group LLC purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $855,000. Institutional investors and hedge funds own 86.95% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RNAC. Needham & Company LLC reiterated a "buy" rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a report on Tuesday, December 3rd. Cantor Fitzgerald upgraded Cartesian Therapeutics to a "hold" rating in a report on Monday, December 2nd. Finally, HC Wainwright restated a "buy" rating and set a $45.00 target price (up from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Cartesian Therapeutics Trading Up 9.3 %

NASDAQ RNAC traded up $2.13 during trading on Friday, hitting $25.14. 141,396 shares of the company traded hands, compared to its average volume of 135,616. The business has a fifty day simple moving average of $20.27 and a 200 day simple moving average of $19.73. The company has a market capitalization of $639.06 million, a P/E ratio of -0.48 and a beta of 0.59. Cartesian Therapeutics, Inc. has a 12 month low of $11.66 and a 12 month high of $41.87.

Insider Transactions at Cartesian Therapeutics

In related news, CTO Metin Kurtoglu sold 32,789 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $16.67, for a total transaction 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. This trade represents a 39.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of the company's stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the completion of the transaction, the insider now directly owns 18,273 shares of the company's stock, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,089 shares of company stock worth $2,169,555. Company insiders own 57.90% of the company's stock.

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.