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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $41.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 113.54% from the stock’s previous close.

RNAC has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and set a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a research report on Wednesday, December 4th. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, BTIG Research started coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.86.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ:RNAC opened at $19.20 on Monday. The business has a 50-day simple moving average of $19.04 and a two-hundred day simple moving average of $17.94. The firm has a market cap of $488.06 million, a price-to-earnings ratio of -0.36 and a beta of 0.56. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the transaction, the insider now owns 18,273 shares of the company’s stock, valued at $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Metin Kurtoglu sold 25,900 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.44, for a total transaction of $425,796.00. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $838,982.52. This trade represents a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 142,833 shares of company stock valued at $2,416,892. Company insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RNAC. FMR LLC grew its position in shares of Cartesian Therapeutics by 458.3% during the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock worth $45,972,000 after purchasing an additional 2,341,054 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in 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 buying an additional 2,688 shares in the last quarter. Great Point Partners LLC bought a new stake in shares of Cartesian Therapeutics during the third quarter valued at approximately $3,224,000. State Street Corp lifted its holdings in shares of Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after buying an additional 3,830 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Cartesian Therapeutics by 2.1% in the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after buying an additional 2,737 shares in the last quarter. 86.95% of the stock is owned by institutional investors.

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.