Cartesian Therapeutics (NASDAQ:RNAC) Stock Price Up 6% – Should You Buy?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) was up 6% during mid-day trading on Wednesday . The stock traded as high as $21.28 and last traded at $21.28. Approximately 8,263 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 95,769 shares. The stock had previously closed at $20.08.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RNAC shares. TD Cowen started coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $45.00 price target (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a report on Tuesday. Finally, Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a report on Monday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Cartesian Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Stock Performance

The firm has a 50 day simple moving average of $19.88 and a two-hundred day simple moving average of $19.73. The stock has a market cap of $563.31 million, a P/E ratio of -0.40 and a beta of 0.59.

Insider Buying and Selling at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 34,400 shares of Cartesian Therapeutics stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00. Following the transaction, the chief technology officer now directly owns 51,033 shares in the company, valued at approximately $938,496.87. This trade represents a 40.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy A. Springer purchased 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average price of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the transaction, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.07 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 128,089 shares of company stock valued at $2,169,555 in the last quarter. Corporate insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets grew its holdings 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 worth $27,000 after acquiring an additional 909 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter worth $49,000. Barclays PLC grew its holdings in shares of Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after acquiring an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter worth $351,000. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.