Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been given a consensus recommendation of “Moderate Buy” by the eight research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $43.00.

RNAC has been the topic of several analyst reports. TD Cowen initiated coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating on the stock. HC Wainwright reissued a “buy” rating and set a $45.00 target price on shares of Cartesian Therapeutics in a report on Friday, September 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a report on Wednesday, October 16th.

Cartesian Therapeutics Trading Up 3.6 %

RNAC stock opened at $19.80 on Friday. The business’s fifty day moving average price is $18.46 and its two-hundred day moving average price is $20.36. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60.

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

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 80,301 shares of Cartesian Therapeutics stock in a transaction that occurred on 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 purchase, the director now directly owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Timothy A. Springer purchased 5,514 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $17.38 per share, with a total value of $95,833.32. Following the completion of the purchase, the director now owns 7,823,559 shares of the company’s stock, valued at $135,973,455.42. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Timothy A. Springer purchased 80,301 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were purchased at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the purchase, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 93,831 shares of company stock valued at $2,010,993 over the last ninety days. 57.90% of the stock is owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in shares of Cartesian Therapeutics during the second quarter valued at about $47,000. Cubist Systematic Strategies LLC bought a new stake in Cartesian Therapeutics in the second quarter worth approximately $351,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Cartesian Therapeutics in the second quarter worth approximately $49,000. Logos Global Management LP bought a new stake in Cartesian Therapeutics in the second quarter worth approximately $2,431,000. Finally, Marshall Wace LLP bought a new stake in Cartesian Therapeutics in the second quarter worth approximately $811,000. 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.