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

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note released on Monday morning,Benzinga reports. The firm currently has a $41.00 price objective on the stock.

A number of other analysts have also weighed in on the company. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. BTIG Research began coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Trading Down 3.8 %

RNAC opened at $19.23 on Monday. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $41.87. The business’s 50-day moving average price is $19.10 and its 200-day moving average price is $17.97. The company has a market cap of $488.73 million, a P/E ratio of -0.36 and a beta of 0.56.

Insiders Place Their Bets

In related news, insider Milos Miljkovic sold 35,000 shares of the 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 in the company, valued at $294,743.49. This trade represents a 65.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Metin Kurtoglu sold 34,400 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00. Following the sale, the chief technology officer now directly owns 51,033 shares in the company, valued at $938,496.87. The trade was a 40.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 142,833 shares of company stock worth $2,416,892. Company insiders own 57.90% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

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

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.