Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up – Should You Buy?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $18.57, but opened at $19.85. Cartesian Therapeutics shares last traded at $19.73, with a volume of 6,945 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RNAC. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research report on Friday, November 8th. HC Wainwright reduced their target price on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, TD Cowen began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.33.

Cartesian Therapeutics Stock Down 3.5 %

The company’s 50 day simple moving average is $19.42 and its two-hundred day simple moving average is $20.13.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer acquired 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was acquired at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the purchase, the director now owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. This represents a 0.07 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Metin Kurtoglu sold 34,400 shares of Cartesian Therapeutics stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00. Following the sale, the chief technology officer now owns 51,033 shares of the company’s stock, valued at $938,496.87. The trade was a 40.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,300 shares of company stock worth $1,622,962 over the last three months. Corporate insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in RNAC. 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. SG Americas Securities LLC acquired a new position in Cartesian Therapeutics during the first quarter valued at $31,000. American International Group Inc. purchased a new position in Cartesian Therapeutics in the first quarter valued at $37,000. Point72 DIFC Ltd purchased a new position in Cartesian Therapeutics in the second quarter valued at $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Cartesian Therapeutics in the second quarter valued at $49,000. 86.95% of the stock is currently 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.