HC Wainwright Cuts Cartesian Therapeutics (NASDAQ:RNAC) Price Target to $41.00

Cartesian Therapeutics (NASDAQ:RNAC) had its price target dropped by research analysts at HC Wainwright from $45.00 to $41.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 94.50% from the company’s previous close.

RNAC has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a report on Friday. TD Cowen began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating for the company. 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.com, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $42.33.

Cartesian Therapeutics Trading Up 1.4 %

Cartesian Therapeutics stock traded up $0.30 during midday trading on Friday, reaching $21.08. 56,233 shares of the stock traded hands, compared to its average volume of 92,566. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The firm has a fifty day moving average price of $18.71 and a two-hundred day moving average price of $20.36.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $1.35. The business had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million. Sell-side analysts expect that Cartesian Therapeutics will post 3.99 earnings per share for the current year.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 8,016 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $12.72 per share, for a total transaction of $101,963.52. Following the purchase, the director now directly owns 11,509 shares in the company, valued at $146,394.48. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 80,301 shares of Cartesian Therapeutics stock in a transaction dated Friday, October 4th. The stock was bought at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the transaction, the director now owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy A. Springer bought 8,016 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $12.72 per share, for a total transaction of $101,963.52. Following the transaction, the director now directly owns 11,509 shares of the company’s stock, valued at $146,394.48. This trade represents a 200.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 93,831 shares of company stock worth $2,010,993 over the last 90 days. 57.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics during the second quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics in the second quarter worth $49,000. Cubist Systematic Strategies LLC acquired a new stake in Cartesian Therapeutics during the second quarter worth $351,000. Marshall Wace LLP bought a new stake in Cartesian Therapeutics in the 2nd quarter valued at $811,000. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter valued at $855,000. 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.