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

Needham & Company LLC reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note released on Monday morning,Benzinga reports. They currently have a $41.00 target price on the stock.

RNAC has been the subject of a number of other reports. BTIG Research initiated coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cartesian Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $42.86.

Cartesian Therapeutics Trading Up 1.1 %

Shares of NASDAQ RNAC opened at $19.42 on Monday. The company has a fifty day moving average price of $19.04 and a 200 day moving average price of $17.95. The firm has a market cap of $493.66 million, a PE ratio of -0.37 and a beta of 0.56. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87.

Insiders Place Their Bets

In other news, insider Milos Miljkovic sold 35,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. This represents a 65.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction 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 $838,982.52. This trade represents a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,833 shares of company stock valued at $2,416,892. 57.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new position in shares of Cartesian Therapeutics in the second quarter valued at approximately $811,000. Cubist Systematic Strategies LLC bought a new stake in Cartesian Therapeutics in the 2nd quarter valued at $351,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cartesian Therapeutics in the 2nd quarter valued at $49,000. Logos Global Management LP bought a new position in Cartesian Therapeutics during the 2nd quarter worth $2,431,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Cartesian Therapeutics during the second quarter worth $47,000. 86.95% of the stock is currently 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.