Brokerages Set Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Target Price at $42.86

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $42.86.

Several research analysts have weighed in on RNAC shares. BTIG Research started coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a report on Monday, January 13th. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 target price (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ:RNAC opened at $19.29 on Wednesday. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $41.87. The company has a 50-day simple moving average of $18.86 and a 200-day simple moving average of $17.85. The stock has a market capitalization of $490.35 million, a price-to-earnings ratio of -0.37 and a beta of 0.56.

Insider Activity

In other news, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total value of $564,550.00. Following the completion of the transaction, the insider now owns 18,273 shares in the company, valued at $294,743.49. This trade represents a 65.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Metin Kurtoglu sold 34,400 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00. Following the completion of the sale, the chief technology officer now owns 51,033 shares in the company, valued at $938,496.87. This represents a 40.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 142,833 shares of company stock worth $2,416,892. Company insiders own 57.90% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

Several large investors have recently modified their holdings of RNAC. JPMorgan Chase & Co. lifted its stake in Cartesian Therapeutics by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock valued at $4,981,000 after buying an additional 2,688 shares in the last quarter. Barclays PLC raised 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. Geode Capital Management LLC lifted its position in shares of Cartesian Therapeutics by 2.1% in the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock valued at $2,188,000 after acquiring an additional 2,737 shares in the last quarter. State Street Corp lifted its position 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 valued at $2,539,000 after acquiring an additional 3,830 shares in the last quarter. Finally, Great Point Partners LLC acquired a new stake in shares of Cartesian Therapeutics during the third quarter valued at $3,224,000. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.