Needham & Company LLC Reiterates “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

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

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group upped their price target on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. HC Wainwright restated a “buy” rating and issued a $45.00 target price on shares of Cartesian Therapeutics in a research note on Friday, September 13th. TD Cowen assumed coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating for the company. Finally, Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cartesian Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ RNAC opened at $22.87 on Wednesday. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60. The business has a 50-day simple moving average of $16.73 and a two-hundred day simple moving average of $19.95.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The firm had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million. On average, equities research analysts expect that Cartesian Therapeutics will post 3.99 EPS for the current fiscal year.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the acquisition, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Timothy A. Springer bought 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average price of $17.38 per share, with a total value of $95,833.32. Following the purchase, the director now owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy A. Springer bought 80,301 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were bought at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the acquisition, the director now directly owns 8,023,766 shares in the company, valued at $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 93,831 shares of company stock valued at $2,010,993. Corporate insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNAC. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics in the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $49,000. Cubist Systematic Strategies LLC bought a new position in Cartesian Therapeutics during the 2nd quarter valued at approximately $351,000. Marshall Wace LLP purchased a new stake in Cartesian Therapeutics in the 2nd quarter worth approximately $811,000. Finally, Lake Street Advisors Group LLC purchased a new stake in Cartesian Therapeutics in the 2nd quarter worth approximately $855,000. 86.95% of the stock is currently owned by 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.