Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Average Rating of “Moderate Buy” by Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $42.33.

RNAC has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Monday. HC Wainwright cut their price objective on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, TD Cowen began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock.

Cartesian Therapeutics Stock Down 5.1 %

Shares of NASDAQ RNAC opened at $17.91 on Tuesday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The firm’s 50-day simple moving average is $19.54 and its 200 day simple moving average is $19.97. The stock has a market cap of $455.27 million, a P/E ratio of -0.34 and a beta of 0.63.

Insider Buying and Selling at Cartesian Therapeutics

In related news, CTO Metin Kurtoglu sold 34,400 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.39, for a total value of $632,616.00. Following the completion of the sale, the chief technology officer now owns 51,033 shares of the company’s stock, valued at approximately $938,496.87. The trade was a 40.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Timothy A. Springer purchased 80,301 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was purchased at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the purchase, the director now owns 8,023,766 shares in the company, valued at $181,176,636.28. This represents a 1.01 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 128,089 shares of company stock valued at $2,169,555 in the last 90 days. 57.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted 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 worth $27,000 after purchasing an additional 909 shares during the period. SG Americas Securities LLC bought a new stake in Cartesian Therapeutics during the first quarter worth approximately $31,000. American International Group Inc. bought a new stake in Cartesian Therapeutics during the first quarter worth approximately $37,000. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics during the second quarter worth approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Cartesian Therapeutics during the second quarter worth approximately $49,000. 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.