Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

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

RNAC has been the subject of a number of other research reports. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. HC Wainwright reissued 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. Finally, BTIG Research began coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 target price on the stock. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.86.

Cartesian Therapeutics Trading Up 5.2 %

Shares of RNAC opened at $18.95 on Monday. The business’s 50-day moving average is $18.93 and its 200-day moving average is $17.88. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87.

Insider Transactions at Cartesian Therapeutics

In related news, insider Milos Miljkovic sold 35,000 shares of the business’s 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Blaine Davis sold 3,961 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $66,227.92. Following the transaction, the chief financial officer now owns 98,839 shares in the company, valued at approximately $1,652,588.08. This trade represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,833 shares of company stock worth $2,416,892. 57.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its stake 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 worth $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 valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics in the 2nd quarter worth approximately $49,000. Barclays PLC lifted its holdings in shares of Cartesian Therapeutics by 208.6% during the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after buying an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics in the second quarter valued at approximately $351,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

About Cartesian Therapeutics

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.