Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at Needham & Company LLC

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

A number of other equities research analysts also recently commented on RNAC. Canaccord Genuity Group raised their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Cartesian Therapeutics in a research note on Friday, September 13th. TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating for the company. Finally, Oppenheimer downgraded Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Stock Up 5.4 %

Shares of NASDAQ RNAC opened at $22.87 on Wednesday. The stock has a fifty day moving average price of $16.73 and a 200 day moving average price of $19.92. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The business had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million. As a group, sell-side analysts expect that Cartesian Therapeutics will post 3.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Timothy A. Springer bought 5,514 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now directly owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 8,016 shares of the stock in a transaction dated Monday, August 12th. The shares were bought at an average cost of $12.72 per share, with a total value of $101,963.52. Following the completion of the acquisition, the director now owns 11,509 shares of the company’s stock, valued at approximately $146,394.48. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Springer purchased 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were acquired at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the acquisition, the director now directly owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 93,831 shares of company stock worth $2,010,993 over the last ninety days. 57.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics during the second quarter valued at $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics during the second quarter valued at about $49,000. Cubist Systematic Strategies LLC bought a new position in Cartesian Therapeutics during the second quarter valued at about $351,000. Marshall Wace LLP bought a new position in Cartesian Therapeutics during the second quarter valued at about $811,000. Finally, Lake Street Advisors Group LLC bought a new position in Cartesian Therapeutics during the second quarter valued at about $855,000. 86.95% of the stock is owned by institutional investors and hedge funds.

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.