Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up – Should You Buy?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) gapped up before the market opened on Tuesday . The stock had previously closed at $18.57, but opened at $19.85. Cartesian Therapeutics shares last traded at $19.73, with a volume of 6,945 shares.

Analyst Upgrades and Downgrades

RNAC has been the topic of a number of research analyst reports. HC Wainwright dropped their price target on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. TD Cowen initiated coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.33.

Cartesian Therapeutics Price Performance

The stock has a market cap of $488.06 million, a P/E ratio of -0.37 and a beta of 0.63. The business’s fifty day moving average price is $19.37 and its 200 day moving average price is $20.19.

Insiders Place Their Bets

In other news, Director Timothy A. Springer bought 80,301 shares of the company’s stock in a transaction on Friday, October 4th. The stock was purchased at an average cost of $22.58 per share, for a total transaction 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. This trade represents a 1.01 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares in the company, valued at $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,300 shares of company stock valued at $1,622,962. 57.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Artal Group S.A. bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $5,939,000. Vanguard Group Inc. acquired a new stake in Cartesian Therapeutics in the first quarter valued at $4,105,000. FMR LLC increased its holdings in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after purchasing an additional 2,341,054 shares during the period. Great Point Partners LLC acquired a new position in shares of Cartesian Therapeutics in the third quarter worth approximately $3,224,000. Finally, State Street Corp lifted its position 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 worth $2,539,000 after purchasing an additional 3,830 shares during the period. 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.