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

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

Several other equities analysts have also issued reports on the company. TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating on the stock. HC Wainwright lowered their price target on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.33.

Cartesian Therapeutics Trading Down 4.0 %

Shares of NASDAQ RNAC opened at $17.91 on Monday. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $41.87. The stock’s fifty day simple moving average is $19.65 and its two-hundred day simple moving average is $19.92. The stock has a market capitalization of $455.27 million, a PE ratio of -0.34 and a beta of 0.63.

Insider Transactions at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 25,900 shares of Cartesian Therapeutics stock in a transaction on Thursday, November 14th. The shares were 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 in the company, valued at approximately $838,982.52. The trade was a 33.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy A. Springer acquired 80,301 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were bought at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the acquisition, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. The trade was a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, 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

A number of hedge funds have recently modified their holdings of RNAC. Barclays PLC boosted its position in Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after buying an additional 7,849 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock valued at $2,188,000 after acquiring an additional 2,737 shares during the period. State Street Corp increased its stake 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 acquiring an additional 3,830 shares during the period. Great Point Partners LLC purchased a new position in shares of Cartesian Therapeutics during the third quarter worth $3,224,000. Finally, BNP Paribas Financial Markets lifted its position in Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after purchasing an additional 909 shares during the period. 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.