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Timothy A. Springer, a director and ten percent owner of Cartesian Therapeutics, Inc. (NASDAQ:RNAC), recently increased his holdings in the company with a series of stock purchases. The stock currently trades at $18.95, with analyst price targets ranging from $22 to $45, suggesting potential upside according to InvestingPro data. According to a recent SEC filing, Springer acquired a total of 20,967 shares of common stock over two days, with transactions occurring at prices ranging from $16.8576 to $18.00 per share. The total value of the acquisitions amounts to approximately $366,353. Following these transactions, Springer holds a direct ownership of 8,531,462 shares in Cartesian Therapeutics. While the company maintains strong liquidity with a current ratio of 10.7, InvestingPro subscribers can access additional insights on insider trading patterns and 6 more key tips about RNAC's financial health.
In other recent news, Cartesian Therapeutics has made significant strides in its clinical trials and operations. The biotech firm reported promising results from its Phase 2b trial of Descartes-08, a potential treatment for generalized myasthenia gravis (MG). The trial revealed a 71% improvement in MG Composite scores in the Descartes-08 group, compared to a 25% improvement in the placebo group.
In a strategic move, Cartesian converted its Series B Non-Voting Convertible Preferred Stock into common stock, resulting in 23,893,525 shares of Common Stock issued and outstanding. This decision may simplify the company's capital structure and potentially broaden its shareholder base.
Analyst firms have shown confidence in Cartesian's progress. BTIG initiated coverage on Cartesian Therapeutics with a Buy rating and a price target of $42.00. The firm's analysis highlighted Cartesian's innovative approach in developing mRNA-based CAR-T cell therapies, particularly for autoimmune disorders. 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 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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