Needham & Company LLC Reiterates Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $41.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 119.84% from the company’s current price.

Several other brokerages have also recently issued reports on RNAC. TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating for the company. HC Wainwright reduced their target price on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.33.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC opened at $18.65 on Monday. The stock has a market capitalization of $473.99 million, a P/E ratio of -0.35 and a beta of 0.63. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60. The business has a fifty day moving average price of $19.58 and a 200 day moving average price of $19.95.

Insiders Place Their Bets

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 5,514 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average price of $17.38 per share, with a total value of $95,833.32. Following the completion of the acquisition, the director now owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This represents a 0.07 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,089 shares of company stock valued at $2,169,555 in the last quarter. 57.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in RNAC. Barclays PLC increased its position in Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cartesian Therapeutics by 2.1% during the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after purchasing an additional 2,737 shares during the last quarter. State Street Corp lifted its stake in Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after acquiring an additional 3,830 shares during the last quarter. Great Point Partners LLC acquired a new stake in shares of Cartesian Therapeutics during the 3rd quarter worth about $3,224,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Cartesian Therapeutics by 122.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after buying an additional 909 shares during the last quarter. 86.95% of the stock is owned by institutional investors and hedge funds.

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.