Cartesian Therapeutics (NASDAQ:RNAC) Given “Buy” Rating at Needham & Company LLC

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

RNAC has been the subject of a number of other research reports. HC Wainwright lowered their price target on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, November 8th. TD Cowen initiated coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.33.

Cartesian Therapeutics Price Performance

RNAC opened at $17.91 on Monday. The stock’s 50 day simple moving average is $19.63 and its 200 day simple moving average is $19.94. The firm has a market cap of $455.27 million, a price-to-earnings ratio of -0.34 and a beta of 0.63. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87.

Insider Activity

In related news, Director Timothy A. Springer purchased 5,514 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $17.38 per share, with a total value of $95,833.32. Following the transaction, the director now directly owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.07 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Metin Kurtoglu sold 32,789 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $16.67, for a total value of $546,592.63. Following the completion of the sale, the chief technology officer now owns 51,033 shares in the company, valued at $850,720.11. The trade was a 39.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,089 shares of company stock worth $2,169,555. Corporate insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in Cartesian Therapeutics by 122.5% during the 3rd 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 last quarter. Point72 DIFC Ltd bought a new position in shares of Cartesian Therapeutics in the second quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics during the second quarter valued at approximately $49,000. Geode Capital Management LLC increased its position in shares of Cartesian Therapeutics by 2.1% during the third 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 in the last quarter. Finally, State Street Corp raised its holdings in Cartesian Therapeutics by 2.5% in the 3rd 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 last quarter. 86.95% of the stock is currently 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.