Vanguard Group Inc. Purchases New Shares in Cartesian Therapeutics, Inc. (NASDAQ:RNAC)

Vanguard Group Inc. purchased a new stake in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,315,113 shares of the company’s stock, valued at approximately $4,105,000. Vanguard Group Inc. owned 118.17% of Cartesian Therapeutics at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Cartesian Therapeutics in the 1st quarter worth about $31,000. Hall Laurie J Trustee bought a new position in shares of Cartesian Therapeutics during the first quarter worth approximately $34,000. BNP Paribas Financial Markets acquired a new stake in shares of Cartesian Therapeutics in the first quarter valued at approximately $38,000. Finally, Delphi Financial Group Inc. bought a new stake in shares of Cartesian Therapeutics in the first quarter valued at approximately $430,000. Institutional investors own 86.95% of the company’s stock.

Insider Activity

In other Cartesian Therapeutics news, Director Timothy A. Springer bought 8,016 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $12.72 per share, with a total value of $101,963.52. Following the completion of the transaction, the director now directly owns 11,509 shares in the company, valued at approximately $146,394.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 61.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. SVB Leerink began coverage on Cartesian Therapeutics in a research note on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective on the stock. Canaccord Genuity Group boosted their price target on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Leerink Partnrs reiterated an “outperform” rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. Mizuho assumed coverage on shares of Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 target price on the stock. Finally, TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. One equities 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.com, the company has an average rating of “Moderate Buy” and an average target price of $43.00.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $14.22 on Monday. The firm has a 50 day moving average price of $19.12 and a two-hundred day moving average price of $21.00. Cartesian Therapeutics, Inc. has a 52-week low of $11.66 and a 52-week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings data 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 business had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million. Equities analysts expect that Cartesian Therapeutics, Inc. will post 3.99 earnings per share for the current fiscal year.

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.