Metin Kurtoglu, Chief Technology Officer of Cartesian Therapeutics, Inc. (NASDAQ:RNAC), recently executed a series of stock transactions that included the sale of the company’s common stock. According to a recent SEC filing, Kurtoglu sold shares worth a total of $649,029, with prices per share ranging from $16,669 to $19.50.
The transaction took place over three days, from November 19 to November 21, 2024. On November 19, Kurtoglu sold 200 shares at $19.50 each. The next day, he sold an additional 5,600 shares at a weighted average price of $17.2787, with prices ranging from $17.01 to $17.98. On November 21, they completed the sale of 32,789 shares at a weighted average price of $16,669, with prices ranging from $16.50 to $17.42.
In addition to the sale, Kurtoglu also exercised stock options to acquire the stock at $1.41 per share. This includes acquiring 200 shares on November 19, 5,700 shares on November 20, and 32,789 shares on November 21, adding up to a total acquisition value of $54,551.
The transaction reflects Kurtoglu’s active management of his equity holdings in Cartesian Therapeutics, a company focused on pharmaceutical preparations. As of the most recent filing, Kurtoglu held 51,033 shares directly.
In other recent news, Cartesian Therapeutics has reported significant findings from its Phase 2b trial of Descartes-08 for generalized myasthenia gravis (MG). The trial showed a 71% improvement in the MG Composite score at month 3 in the Descartes-08 group, compared to a 25% improvement in the placebo group. Cartesian plans to participate with the FDA in an End-of-Phase 2 meeting in late 2024 to discuss trial data and initiate Phase 3 clinical trials.
In addition, Cartesian Therapeutics recently converted its Series B Convertible Non-Voting Preferred Stock into common stock. As a result, the company now has 23,893,525 shares of Common Stock issued and outstanding. This conversion simplifies the company’s capital structure and has the potential to expand the shareholder base.
In analyst news, Cartesian Therapeutics maintained its Outperform rating and $40.00 price target from Mizuho (NYSE:). The confirmation follows the release of new MINT Phase 3 data for Uplizna to treat generalized myasthenia gravis (gMG). A comparison of these data suggests that Descartes-08 may provide a deeper and more durable response in gMG patients.
Finally, Cartesian Therapeutics received shareholder approval to issue shares upon conversion of Non-Voting Convertible Preferred Stock Series B. The proposal received overwhelming support, with 12,514,261 votes in favor and only 150,060 against. This is the latest development in Cartesian Therapy.
InvestingPro Insights
Looking deeper into the financial landscape of Cartesian Therapeutics, new InvestingPro data reveals some interesting insights that explain the company’s current position and the context of Metin Kurtoglu’s stock transaction.
The market capitalization of Cartesian Therapeutics is currently at 430.53 $. However, the company’s financial health paints a mixed picture. InvestingPro Tips shows that Cartesian has more cash than debt on its balance sheet, indicating a level of financial stability. This can provide reassurance to investors, especially due to recent stock sales.
On the other hand, the company faces some significant challenges. Another InvestingPro tip shows that Cartesian suffers from weak gross profit margins. This is confirmed by data showing a negative gross profit margin of -3.95% for the last twelve months in Q3 2024. Furthermore, the company’s revenue experienced a substantial decline, with a growth rate of -62.4% in the same period.
These financial metrics provide context for Kurtoglu’s decision to sell part of his holdings while also exercising options to acquire shares at a lower price. The stock performance has been volatile, with -26.3% return in the past month, but positive 11.69% return in the past three months.
For investors looking for more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 5 more InvestingPro Tips available for Cartesian Therapeutics, which can provide a valuable perspective on the company’s prospects and challenges.
This article was created with the support of AI and was reviewed by the editor. For more information see our T&C.
