Renaissance Technologies LLC Sells 536,548 Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Renaissance Technologies LLC trimmed its position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) by 96.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,052 shares of the company’s stock after selling 536,548 shares during the quarter. Renaissance Technologies LLC owned 0.10% of Cartesian Therapeutics worth $461,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. bought a new stake in Cartesian Therapeutics during the first quarter worth about $4,105,000. Delphi Financial Group Inc. bought a new position in Cartesian Therapeutics in the first quarter valued at about $430,000. BNP Paribas Financial Markets purchased a new position in shares of Cartesian Therapeutics in the first quarter worth approximately $38,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics during the 1st quarter worth $37,000. Finally, SG Americas Securities LLC bought a new stake in Cartesian Therapeutics during the first quarter valued at about $31,000. 86.95% of the stock is owned by institutional investors.

Cartesian Therapeutics Trading Down 5.9 %

NASDAQ:RNAC opened at $20.92 on Friday. The firm has a fifty day simple moving average of $15.67 and a 200-day simple moving average of $19.80. Cartesian Therapeutics, Inc. has a 12 month low of $11.66 and a 12 month high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.81) by $1.35. The business had revenue of $33.45 million during the quarter, compared to analysts’ expectations of $6.00 million. On average, sell-side analysts predict that Cartesian Therapeutics, Inc. will post 3.99 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 80,301 shares of the company’s stock in a transaction on Friday, October 4th. The stock was bought at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the transaction, the director now directly owns 8,023,766 shares in the company, valued at $181,176,636.28. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 80,301 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was purchased at an average price of $22.58 per share, for a total transaction of $1,813,196.58. Following the purchase, the director now directly owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Springer purchased 5,514 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the acquisition, the director now owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 93,831 shares of company stock worth $2,010,993. 61.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on RNAC. HC Wainwright reiterated a “buy” rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a research report on Friday, September 13th. Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 2nd. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating for the company. Canaccord Genuity Group increased their target price on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Finally, Needham & Company LLC reduced their price target on Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

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.