Cartesian Therapeutics (NASDAQ:RNAC) Earns “Buy” Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $41.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 86.36% from the company’s current price.

A number of other research analysts also recently issued reports on RNAC. TD Cowen assumed coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating on the stock. HC Wainwright reduced their price objective on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Stock Up 9.6 %

Shares of RNAC opened at $22.00 on Tuesday. The stock has a market capitalization of $559.13 million, a P/E ratio of -0.42 and a beta of 0.59. Cartesian Therapeutics has a twelve month low of $11.66 and a twelve month high of $41.87. The firm has a fifty day simple moving average of $19.99 and a two-hundred day simple moving average of $19.74.

Insider Transactions at Cartesian Therapeutics

In other news, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the sale, the insider now owns 18,273 shares of the company’s stock, valued at $294,743.49. This trade represents a 65.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the transaction, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $838,982.52. The trade was a 33.67 % decrease in their ownership of the stock. 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 ninety days. 57.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new position in shares of Cartesian Therapeutics in the first quarter worth approximately $4,105,000. Lake Street Advisors Group LLC purchased a new position in shares of Cartesian Therapeutics during the 2nd quarter worth $855,000. Logos Global Management LP bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at $2,431,000. Marshall Wace LLP purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $811,000. Finally, Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the 2nd quarter worth $47,000. Institutional investors own 86.95% of the company’s stock.

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.