Point72 Asia Singapore Pte. Ltd. Takes Position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 1,824 shares of the company’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNAC. Cubist Systematic Strategies LLC purchased a new position in Cartesian Therapeutics in the second quarter valued at about $351,000. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter valued at about $47,000. Marshall Wace LLP bought a new position in shares of Cartesian Therapeutics during the second quarter valued at approximately $811,000. Logos Global Management LP bought a new position in Cartesian Therapeutics during the 2nd quarter worth $2,431,000. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $855,000. 86.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cartesian Therapeutics

In other news, Director Timothy A. Springer acquired 8,016 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $12.72 per share, for a total transaction of $101,963.52. Following the purchase, the director now owns 11,509 shares of the company’s stock, valued at approximately $146,394.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 61.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating on the stock. Needham & Company LLC cut their price objective on Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Oppenheimer downgraded shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Cartesian Therapeutics in a research note on Friday, September 13th. Finally, Canaccord Genuity Group upped their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Price Performance

RNAC opened at $16.12 on Tuesday. The company’s 50 day moving average price is $15.00 and its two-hundred day moving average price is $19.74. Cartesian Therapeutics, Inc. has a fifty-two week low of $11.66 and a fifty-two week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The company had revenue of $33.45 million for the quarter, compared to analyst estimates of $6.00 million. Equities research analysts predict that Cartesian Therapeutics, Inc. will post 3.99 EPS for the current year.

Cartesian Therapeutics 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.