HC Wainwright Reaffirms “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $45.00 target price on the stock, up from their previous target price of $41.00. HC Wainwright’s price objective indicates a potential upside of 124.10% from the stock’s current price.

A number of other research firms also recently issued reports on RNAC. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research note on Tuesday. Finally, TD Cowen assumed coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $20.08 on Wednesday. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $41.87. The firm has a market capitalization of $510.43 million, a price-to-earnings ratio of -0.38 and a beta of 0.59. The business has a 50-day simple moving average of $19.88 and a 200 day simple moving average of $19.73.

Insider Activity at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 25,900 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were 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. This represents a 33.67 % 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, insider Milos Miljkovic sold 35,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total transaction of $564,550.00. Following the completion of the transaction, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. The trade was a 65.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,089 shares of company stock worth $2,169,555. Insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNAC. Vanguard Group Inc. purchased a new position in Cartesian Therapeutics in the first quarter worth $4,105,000. FMR LLC grew its position in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock worth $45,972,000 after acquiring an additional 2,341,054 shares in the last quarter. Great Point Partners LLC purchased a new position in Cartesian Therapeutics in the third quarter worth $3,224,000. Logos Global Management LP purchased a new position in Cartesian Therapeutics in the second quarter worth $2,431,000. Finally, Lake Street Advisors Group LLC purchased a new position in Cartesian Therapeutics in the second quarter worth $855,000. 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.