Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up Following Insider Buying Activity

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $22.82, but opened at $23.85. Cartesian Therapeutics shares last traded at $23.56, with a volume of 173,273 shares traded.

Specifically, Director Timothy A. Springer purchased 80,301 shares of Cartesian Therapeutics stock in a transaction dated Friday, October 4th. The stock was acquired at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the transaction, the director now directly owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy A. Springer acquired 5,514 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average cost of $17.38 per share, for a total transaction 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 $135,973,455.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

RNAC has been the subject of a number of research reports. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating for the company. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a research report on Friday, September 13th. Oppenheimer downgraded Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Canaccord Genuity Group raised their price target on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Needham & Company LLC lowered their price target on Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Price Performance

The business has a 50-day simple moving average of $15.28 and a two-hundred day simple moving average of $19.77.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million. Sell-side analysts expect that Cartesian Therapeutics, Inc. will post 3.99 EPS for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Large investors have recently modified their holdings of the company. Artal Group S.A. bought a new position in Cartesian Therapeutics in the 1st quarter worth $5,939,000. Vanguard Group Inc. bought a new position in shares of Cartesian Therapeutics in the first quarter worth about $4,105,000. Delphi Financial Group Inc. acquired a new position in shares of Cartesian Therapeutics during the 1st quarter worth about $430,000. Logos Global Management LP bought a new stake in Cartesian Therapeutics during the 2nd quarter valued at approximately $2,431,000. Finally, BNP Paribas Financial Markets bought a new stake in Cartesian Therapeutics during the 1st quarter valued at approximately $38,000. 86.95% of the stock is 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.