Carsten Brunn, President and CEO of Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a $442 million market cap biotech company, recently sold shares valued at approximately $289,764, according to a recent SEC filing. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 10.7x. The sales occurred on January 3 and January 6, with Brunn selling a total of 17,271 shares of common stock. The shares were sold at prices ranging from $16.7219 to $16.8322 per share.
Following these transactions, Brunn retains ownership of 204,096 shares in the company. The sales were conducted to satisfy withholding tax obligations upon the vesting of restricted stock units and to cover related broker fees, as noted in the filing.
In other recent news, Cartesian Therapeutics has reported significant progress in its clinical trials. The biotech firm announced 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.
In addition to these encouraging results, Cartesian has also converted its Series B Non-Voting Convertible Preferred Stock into common stock, issuing 23,893,525 shares of Common Stock. This strategic move is expected to simplify the company's capital structure and potentially broaden its shareholder base.
In the world of analyst notes, both BTIG and H.C. Wainwright have shown confidence in Cartesian's progress. BTIG initiated a Buy rating on Cartesian's stock with a price target of $42.00, emphasizing the company's innovative approach in developing mRNA-based CAR-T cell therapies. Similarly, H.C. Wainwright adjusted its outlook on the company, raising its price target from $41.00 to $45.00 and maintaining a Buy rating.
These are the 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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