Cartesian Therapeutics’ (RNAC) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report published on Monday,Benzinga reports. Needham & Company LLC currently has a $41.00 price target on the stock.

Several other equities research analysts have also weighed in on RNAC. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, BTIG Research began coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.86.

Cartesian Therapeutics Trading Down 3.8 %

Shares of NASDAQ RNAC opened at $19.23 on Monday. The firm has a market cap of $488.73 million, a price-to-earnings ratio of -0.36 and a beta of 0.56. The stock has a fifty day simple moving average of $19.10 and a two-hundred day simple moving average of $17.97. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87.

Insiders Place Their Bets

In other news, CFO Blaine Davis sold 4,028 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now owns 94,811 shares of the company’s stock, valued at approximately $1,595,669.13. This represents a 4.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $16.44, for a total value of $425,796.00. Following the transaction, the chief technology officer now owns 51,033 shares of the company’s stock, valued at approximately $838,982.52. The trade was a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 142,833 shares of company stock worth $2,416,892 in the last three months. 57.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cartesian Therapeutics by 22.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock worth $82,000 after buying an additional 847 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Cartesian Therapeutics by 122.5% in the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after acquiring an additional 909 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics during the second quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cartesian Therapeutics in the 2nd quarter worth about $49,000. Finally, JPMorgan Chase & Co. increased its position in shares of Cartesian Therapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock valued at $4,981,000 after purchasing an additional 2,688 shares during the last quarter. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.