Cartesian Therapeutics (NASDAQ:RNAC) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note published on Thursday morning,Benzinga reports. They currently have a $41.00 price objective on the stock.

RNAC has been the topic of a number of other reports. 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 on the stock. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Price Performance

Shares of NASDAQ:RNAC opened at $15.80 on Thursday. The company’s fifty day moving average price is $18.57 and its 200 day moving average price is $18.73. Cartesian Therapeutics has a 12 month low of $11.67 and a 12 month high of $41.87. The firm has a market capitalization of $401.56 million, a P/E ratio of -0.30 and a beta of 0.71.

Insider Buying and Selling

In other news, CTO Metin Kurtoglu sold 2,417 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $40,412.24. Following the completion of the sale, the chief technology officer now owns 64,716 shares of the company’s stock, valued at $1,082,051.52. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Blaine Davis sold 3,961 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $66,227.92. Following the completion of the sale, the chief financial officer now directly owns 98,839 shares of the company’s stock, valued at $1,652,588.08. The trade was a 3.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,744 shares of company stock valued at $247,337. Insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNAC. BNP Paribas Financial Markets raised its holdings in shares of 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. Virtus ETF Advisers LLC acquired a new position in Cartesian Therapeutics during the 4th quarter valued at about $63,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Cartesian Therapeutics by 22.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock valued at $82,000 after buying an additional 847 shares during the period. Wells Fargo & Company MN boosted its position in shares of Cartesian Therapeutics by 112.7% during the 4th quarter. Wells Fargo & Company MN now owns 4,847 shares of the company’s stock valued at $87,000 after purchasing an additional 2,568 shares in the last quarter. Finally, Corebridge Financial Inc. boosted its position in shares of Cartesian Therapeutics by 32.6% during the 4th 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 in the last quarter. 86.95% of the stock is currently owned by institutional investors.

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.