Milos Miljkovic, Chief Medical (TASE:PMCN) Officer at Cartesian Therapeutics, Inc. (NASDAQ:RNAC), recently sold shares of the company’s common stock valued at $31,541. The transactions occurred on January 3 and January 6, with shares sold at prices ranging from $16.7219 to $16.8322.
Following these sales, Miljkovic retains ownership of 35,393 shares in the company. According to the filing, the shares were sold to satisfy withholding tax obligations upon the vesting of restricted stock units and to cover related broker fees.
In other recent news, Cartesian Therapeutics has seen significant progress in its clinical trials and operations. The biotech firm's Phase 2b trial of Descartes-08, a potential treatment for generalized myasthenia gravis (MG), showed a 71% improvement in MG Composite scores compared to a 25% improvement in the placebo group. The company also recently converted its Series B Non-Voting Convertible Preferred Stock into common stock, simplifying its capital structure.
BTIG initiated a Buy rating on Cartesian Therapeutics, citing the company's innovative mRNA-based CAR-T cell therapies and its strong liquidity position. Analyst firms H.C. Wainwright and Mizuho (NYSE:MFG) also expressed confidence in Cartesian's progress, raising their price targets and maintaining positive ratings.
These recent developments underscore Cartesian's continued efforts in advancing its mRNA cell therapy candidates and strategic financial planning. The company's lead product, Descartes-08, has shown promising results in treating myasthenia gravis, and Cartesian is planning a Phase 3 trial for the first half of 2025. The company's enterprise value presents an attractive investment opportunity compared to its peers.
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