HC Wainwright Reiterates Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $45.00 price target on the stock, up from their prior price target of $41.00. HC Wainwright’s price target would suggest a potential upside of 95.57% from the stock’s previous close.

A number of other research firms have also commented on RNAC. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. Finally, Cantor Fitzgerald raised 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. According to data from MarketBeat, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Cartesian Therapeutics Price Performance

Shares of RNAC stock opened at $23.01 on Wednesday. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $41.87. The business’s 50 day simple moving average is $20.11 and its 200 day simple moving average is $19.77. The stock has a market capitalization of $584.91 million, a PE ratio of -0.44 and a beta of 0.59.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 5,514 shares of Cartesian Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average price of $17.38 per share, with a total value of $95,833.32. Following the transaction, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.07 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Metin Kurtoglu sold 34,400 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.39, for a total transaction of $632,616.00. Following the sale, the chief technology officer now owns 51,033 shares of the company’s stock, valued at $938,496.87. This trade represents a 40.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 128,089 shares of company stock valued at $2,169,555 in the last three months. Corporate insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $4,105,000. FMR LLC boosted its position in shares of Cartesian Therapeutics by 458.3% during the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after buying an additional 2,341,054 shares during the last quarter. Great Point Partners LLC bought a new stake in Cartesian Therapeutics during the third quarter worth $3,224,000. Logos Global Management LP purchased a new stake in Cartesian Therapeutics in the 2nd quarter valued at $2,431,000. Finally, Lake Street Advisors Group LLC bought a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $855,000. Institutional investors own 86.95% of the company’s stock.

About Cartesian Therapeutics

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.