BTIG Research Initiates Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

Equities research analysts at BTIG Research initiated coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. BTIG Research’s price target points to a potential upside of 148.23% from the stock’s previous close.

Several other equities analysts have also issued reports on RNAC. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a report on Tuesday, December 3rd. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Trading Down 7.6 %

Shares of NASDAQ RNAC opened at $16.92 on Thursday. The business’s fifty day simple moving average is $20.20 and its 200-day simple moving average is $19.31. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $41.87. The stock has a market cap of $430.02 million, a P/E ratio of -0.32 and a beta of 0.59.

Insiders Place Their Bets

In other news, CTO Metin Kurtoglu sold 25,900 shares of the stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 51,033 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total value of $564,550.00. Following the transaction, the insider now owns 18,273 shares of the company’s stock, valued at $294,743.49. This represents a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,089 shares of company stock worth $2,169,555. 57.90% of the stock is owned by company insiders.

Institutional Trading of Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew 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 purchasing an additional 909 shares during the period. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics in the 2nd quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cartesian Therapeutics during the second quarter worth approximately $49,000. Barclays PLC grew its stake in shares of Cartesian Therapeutics by 208.6% during the 3rd 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 period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Cartesian Therapeutics in the 2nd quarter worth $351,000. 86.95% of the stock is owned by hedge funds and other 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.