Cartesian Therapeutics (NASDAQ:RNAC) Earns “Buy” Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $41.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 117.28% from the company’s current price.

A number of other research analysts have also recently issued reports on RNAC. HC Wainwright decreased their price objective on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a report on Friday, November 8th. TD Cowen began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.33.

Cartesian Therapeutics Trading Up 13.5 %

Shares of NASDAQ RNAC opened at $18.87 on Monday. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60. The company has a market cap of $479.68 million, a PE ratio of -0.36 and a beta of 0.63. The company has a 50-day moving average of $19.50 and a two-hundred day moving average of $20.00.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer purchased 80,301 shares of the stock in a transaction dated Friday, October 4th. The stock was purchased at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the transaction, the director now directly owns 8,023,766 shares in the company, valued at $181,176,636.28. This trade represents a 1.01 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Milos Miljkovic sold 35,000 shares of the business’s 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 owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. This represents a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,089 shares of company stock valued at $2,169,555 over the last three months. 57.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its position in shares of 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 in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $31,000. American International Group Inc. purchased a new stake in Cartesian Therapeutics during the 1st quarter valued at approximately $37,000. Point72 DIFC Ltd purchased a new stake in Cartesian Therapeutics during the 2nd quarter valued at approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Cartesian Therapeutics during the 2nd quarter worth approximately $49,000. 86.95% of the stock is 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.