Geode Capital Management LLC Raises Holdings in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Geode Capital Management LLC grew its position in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,700 shares of the company’s stock after purchasing an additional 2,737 shares during the period. Geode Capital Management LLC’s holdings in Cartesian Therapeutics were worth $2,188,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Logos Global Management LP purchased a new position in Cartesian Therapeutics in the second quarter worth about $2,431,000. FMR LLC grew 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 acquiring an additional 2,341,054 shares in the last quarter. Marshall Wace LLP purchased a new position in Cartesian Therapeutics in the second quarter worth about $811,000. BNP Paribas Financial Markets grew 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 acquiring an additional 909 shares in the last quarter. Finally, State Street Corp grew 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 acquiring an additional 3,830 shares in the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RNAC. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, December 3rd. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They set a “buy” rating and a $42.00 price target for the company. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.86.

Insider Activity

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,417 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $40,412.24. Following the sale, the chief technology officer now directly owns 64,716 shares of the company’s stock, valued at approximately $1,082,051.52. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Milos Miljkovic sold 35,000 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the completion of the sale, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 142,833 shares of company stock valued at $2,416,892 over the last ninety days. 57.90% of the stock is currently owned by insiders.

Cartesian Therapeutics Price Performance

Shares of RNAC opened at $17.16 on Wednesday. The firm has a market capitalization of $436.12 million, a PE ratio of -0.32 and a beta of 0.56. Cartesian Therapeutics, Inc. has a 1-year low of $11.66 and a 1-year high of $41.87. The company’s fifty day moving average price is $19.32 and its 200-day moving average price is $18.19.

About Cartesian Therapeutics

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.