Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up After Insider Buying Activity

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $22.82, but opened at $23.85. Cartesian Therapeutics shares last traded at $23.56, with a volume of 173,273 shares trading hands.

Specifically, Director Timothy A. Springer purchased 80,301 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was bought at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the transaction, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy A. Springer acquired 5,514 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the transaction, the director now directly owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Cartesian Therapeutics Stock Up 7.4 %

The stock has a fifty day moving average of $15.28 and a 200-day moving average of $19.77.

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

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds have recently made changes to their positions in RNAC. BNP Paribas Financial Markets purchased a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $38,000. Delphi Financial Group Inc. purchased a new stake in Cartesian Therapeutics in the first quarter valued at approximately $430,000. SG Americas Securities LLC acquired a new stake in shares of Cartesian Therapeutics in the first quarter valued at approximately $31,000. Vanguard Group Inc. purchased a new position in shares of Cartesian Therapeutics during the first quarter worth approximately $4,105,000. Finally, American International Group Inc. acquired a new position in shares of Cartesian Therapeutics in the 1st quarter valued at $37,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.