HC Wainwright Has Lowered Expectations for Cartesian Therapeutics (NASDAQ:RNAC) Stock Price

Cartesian Therapeutics (NASDAQ:RNAC) had its price target decreased by equities research analysts at HC Wainwright from $45.00 to $40.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 153.16% from the stock’s current price.

RNAC has been the subject of several other research reports. BTIG Research assumed coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research report on Thursday. Finally, Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Stock Down 4.9 %

Shares of RNAC stock opened at $15.80 on Friday. Cartesian Therapeutics has a 12-month low of $11.67 and a 12-month high of $41.87. The company has a market capitalization of $401.56 million, a P/E ratio of -0.30 and a beta of 0.71. The firm has a 50-day moving average price of $18.57 and a 200 day moving average price of $18.73.

Insider Transactions at Cartesian Therapeutics

In related news, CTO Metin Kurtoglu sold 2,417 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $40,412.24. Following the transaction, the chief technology officer now directly owns 64,716 shares in the company, valued at approximately $1,082,051.52. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Blaine Davis sold 4,028 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.83, for a total transaction of $67,791.24. Following the completion of the transaction, the chief financial officer now owns 94,811 shares in the company, valued at $1,595,669.13. This trade represents a 4.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,744 shares of company stock valued at $247,337 over the last 90 days. 57.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock worth $45,972,000 after acquiring an additional 2,341,054 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings 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. State Street Corp lifted its holdings in shares of Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after acquiring an additional 3,830 shares during the last quarter. Great Point Partners LLC bought a new position in shares of Cartesian Therapeutics in the third quarter worth about $3,224,000. Finally, Barclays PLC lifted its holdings 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. 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.