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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $41.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 119.84% from the company’s previous close.

Several other research analysts have also recently issued reports on RNAC. TD Cowen initiated coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock. HC Wainwright cut their target price on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cartesian Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $42.33.

Cartesian Therapeutics Stock Up 4.1 %

NASDAQ RNAC opened at $18.65 on Monday. The firm’s 50-day simple moving average is $19.58 and its two-hundred day simple moving average is $19.95. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60. The company has a market cap of $473.99 million, a PE ratio of -0.35 and a beta of 0.63.

Insiders Place Their Bets

In other Cartesian Therapeutics news, Director Timothy A. Springer bought 80,301 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were 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 owns 8,023,766 shares in the company, valued at $181,176,636.28. The trade was a 1.01 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.44, for a total value of $425,796.00. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $838,982.52. This represents a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,089 shares of company stock worth $2,169,555 in the last quarter. 57.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNAC. BNP Paribas Financial Markets boosted its holdings in Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after acquiring an additional 909 shares during the period. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics during the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter valued at $49,000. Barclays PLC lifted its position in Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Cartesian Therapeutics during the 2nd quarter worth about $351,000. 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.