Cartesian Therapeutics (NASDAQ:RNAC) Earns “Buy” Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $41.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 132.95% from the company’s previous close.

RNAC has been the topic of several other research reports. HC Wainwright restated a “buy” rating and issued a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $42.86.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC traded up $0.76 during trading hours on Monday, hitting $17.60. 49,873 shares of the company’s stock were exchanged, compared to its average volume of 118,388. The company’s 50-day moving average price is $19.02 and its 200-day moving average price is $18.00. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87. The stock has a market capitalization of $447.30 million, a price-to-earnings ratio of -0.33 and a beta of 0.56.

Insider Activity at Cartesian Therapeutics

In other news, 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 sale, the chief financial officer now owns 98,839 shares in the company, valued at approximately $1,652,588.08. This represents a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the completion of the transaction, the insider now directly owns 18,273 shares of the company’s stock, valued at $294,743.49. This represents a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 142,833 shares of company stock valued at $2,416,892 in the last 90 days. 57.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in RNAC. FMR LLC boosted its holdings in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after acquiring an additional 2,341,054 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Cartesian Therapeutics by 0.9% during the third quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock worth $4,981,000 after buying an additional 2,688 shares during the last quarter. Great Point Partners LLC acquired a new position in Cartesian Therapeutics in the third quarter valued at approximately $3,224,000. State Street Corp boosted its stake in Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after acquiring an additional 3,830 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after acquiring an additional 2,737 shares during the period. 86.95% of the stock is owned by institutional investors and hedge funds.

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.