Cartesian Therapeutics (NASDAQ:RNAC) Given New $40.00 Price Target at HC Wainwright

Cartesian Therapeutics (NASDAQ:RNAC) had its price objective lowered by stock analysts at HC Wainwright from $45.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 153.16% from the company’s previous close.

RNAC has been the subject of several other research reports. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $42.14.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $15.80 on Friday. Cartesian Therapeutics has a 52-week low of $11.67 and a 52-week high of $41.87. The firm has a 50 day moving average price of $18.57 and a two-hundred day moving average price of $18.73. The firm has a market cap of $401.56 million, a price-to-earnings ratio of -0.30 and a beta of 0.71.

Insider Activity at Cartesian Therapeutics

In related news, CFO Blaine Davis sold 4,028 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now directly owns 94,811 shares in the company, valued at approximately $1,595,669.13. This represents a 4.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Metin Kurtoglu sold 2,417 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $40,412.24. Following the completion of the transaction, the chief technology officer now owns 64,716 shares in the company, valued at approximately $1,082,051.52. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,744 shares of company stock worth $247,337. Company insiders own 57.90% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cartesian Therapeutics by 22.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock worth $82,000 after buying an additional 847 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in 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 buying an additional 909 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Cartesian Therapeutics by 10.0% during the fourth quarter. Rhumbline Advisers now owns 10,201 shares of the company’s stock valued at $183,000 after purchasing an additional 927 shares during the period. Corebridge Financial Inc. boosted its stake in shares of Cartesian Therapeutics by 32.6% during the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock valued at $92,000 after purchasing an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Cartesian Therapeutics by 44.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company’s stock valued at $104,000 after purchasing an additional 1,789 shares during the period. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.