Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report released on Thursday,Benzinga reports. They currently have a $41.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 159.49% from the company’s previous close.

Several other analysts have also commented on RNAC. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Trading Down 4.9 %

Shares of Cartesian Therapeutics stock opened at $15.80 on Thursday. Cartesian Therapeutics has a 12-month low of $11.67 and a 12-month high of $41.87. The stock has a market cap of $401.56 million, a PE ratio of -0.30 and a beta of 0.71. The company has a 50-day moving average of $18.57 and a two-hundred day moving average of $18.70.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,417 shares of Cartesian Therapeutics stock in a transaction on 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 owns 64,716 shares in the company, valued at $1,082,051.52. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Blaine Davis sold 4,028 shares of Cartesian Therapeutics stock in a transaction on 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 approximately $1,595,669.13. This trade represents a 4.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,744 shares of company stock worth $247,337 in the last quarter. 57.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently made changes to their positions in the business. FMR LLC raised its stake in shares of Cartesian Therapeutics by 458.3% in the 3rd quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after acquiring an additional 2,341,054 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after acquiring an additional 909 shares during the period. State Street Corp raised its stake in shares of Cartesian Therapeutics by 2.5% in the 3rd 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 during the period. Great Point Partners LLC purchased a new position in shares of Cartesian Therapeutics in the 3rd quarter valued at $3,224,000. Finally, Barclays PLC raised its stake in shares of Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares during the period. Hedge funds and other 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.