Cartesian Therapeutics’ (RNAC) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report released on Monday morning,Benzinga reports. They currently have a $41.00 target price on the stock.

A number of other equities analysts also recently commented on RNAC. BTIG Research began coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 target price for the company. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, HC Wainwright restated a “buy” rating and set a $45.00 target price (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.86.

Cartesian Therapeutics Stock Performance

Shares of RNAC stock opened at $18.33 on Monday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87. The stock has a 50 day moving average price of $19.00 and a two-hundred day moving average price of $17.93. The company has a market capitalization of $465.86 million, a P/E ratio of -0.35 and a beta of 0.56.

Insider Buying and Selling

In related news, CFO Blaine Davis sold 3,961 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total value of $66,227.92. Following the sale, the chief financial officer now directly owns 98,839 shares of the company’s stock, valued at $1,652,588.08. This represents a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Metin Kurtoglu sold 34,400 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.39, for a total value of $632,616.00. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares in the company, valued at approximately $938,496.87. The trade was a 40.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 142,833 shares of company stock valued at $2,416,892 over the last ninety days. Company insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in shares of Cartesian Therapeutics by 122.5% in the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after acquiring an additional 909 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Cartesian Therapeutics in the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics in the second quarter worth $49,000. Barclays PLC grew its stake in shares of Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after acquiring an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Cartesian Therapeutics in the second quarter worth $351,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.