Erste Asset Management GmbH Has $3.26 Million Position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Erste Asset Management GmbH lowered its stake in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) by 93.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 173,566 shares of the company’s stock after selling 2,527,000 shares during the period. Erste Asset Management GmbH owned approximately 0.68% of Cartesian Therapeutics worth $3,260,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in RNAC. FMR LLC raised its position in Cartesian Therapeutics by 458.3% in 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 in the last quarter. BNP Paribas Financial Markets raised its position in Cartesian Therapeutics by 122.5% in the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after purchasing an additional 909 shares in the last quarter. Great Point Partners LLC acquired a new position in Cartesian Therapeutics in the third quarter worth about $3,224,000. State Street Corp raised its position in Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after purchasing an additional 3,830 shares in the last quarter. Finally, Barclays PLC raised its position in Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after purchasing an additional 7,849 shares in the last quarter. Institutional investors and hedge funds own 86.95% of the company’s stock.

Insider Activity

In other news, CFO Blaine Davis sold 3,961 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total transaction of $66,227.92. Following the sale, the chief financial officer now directly owns 98,839 shares of the company’s stock, valued at $1,652,588.08. This represents a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Metin Kurtoglu sold 2,458 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.83, for a total transaction of $41,368.14. Following the sale, the chief technology officer now directly owns 62,258 shares in the company, valued at $1,047,802.14. This trade represents a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,744 shares of company stock valued at $247,337 over the last three months. 57.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RNAC. HC Wainwright dropped their price target on shares of Cartesian Therapeutics from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. BTIG Research started coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective for the company. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Price Performance

RNAC opened at $15.80 on Friday. Cartesian Therapeutics, Inc. has a one year low of $11.67 and a one year high of $41.87. The company’s 50 day simple moving average is $18.57 and its 200-day simple moving average is $18.70. The stock has a market capitalization of $401.56 million, a P/E ratio of -0.30 and a beta of 0.71.

Cartesian Therapeutics Company 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.