Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $41.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 127.52% from the company’s current price.

Several other analysts have also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, BTIG Research began coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Price Performance

NASDAQ:RNAC opened at $18.02 on Monday. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $41.87. The firm’s 50 day simple moving average is $18.97 and its 200 day simple moving average is $17.87. The company has a market cap of $457.98 million, a PE ratio of -0.34 and a beta of 0.56.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction on 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 sale, the insider now directly owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Metin Kurtoglu sold 25,900 shares of the firm’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 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 142,833 shares of company stock worth $2,416,892 in the last 90 days. Corporate insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

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