Insider Buying: Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Director Buys $95,833.32 in Stock

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Director Timothy A. Springer bought 5,514 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 7,823,559 shares of the company’s stock, valued at $135,973,455.42. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Cartesian Therapeutics Price Performance

NASDAQ:RNAC opened at $24.52 on Monday. Cartesian Therapeutics, Inc. has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The business has a 50 day moving average price of $15.28 and a 200-day moving average price of $19.75.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of ($0.81) by $1.35. The firm had revenue of $33.45 million for the quarter, compared to analysts’ expectations of $6.00 million. As a group, research analysts forecast that Cartesian Therapeutics, Inc. will post 3.99 earnings per share for the current year.

Institutional Trading of Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of RNAC. Vanguard Group Inc. purchased a new stake in Cartesian Therapeutics in the 1st quarter worth approximately $4,105,000. Delphi Financial Group Inc. bought a new position in shares of Cartesian Therapeutics during the first quarter valued at approximately $430,000. Logos Global Management LP purchased a new stake in Cartesian Therapeutics in the second quarter worth $2,431,000. BNP Paribas Financial Markets bought a new stake in Cartesian Therapeutics in the first quarter valued at $38,000. Finally, American International Group Inc. purchased a new position in Cartesian Therapeutics during the 1st quarter valued at $37,000. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.