Cartesian Therapeutics (NASDAQ:RNAC) Given New $40.00 Price Target at HC Wainwright

Cartesian Therapeutics (NASDAQ:RNAC) had its price target decreased by HC Wainwright from $45.00 to $40.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 140.82% from the company’s previous close.

Other research analysts have also recently issued reports about the company. BTIG Research started coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 target price on the stock. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.14.

Cartesian Therapeutics Stock Performance

NASDAQ RNAC opened at $16.61 on Friday. The business has a fifty day moving average price of $18.60 and a 200 day moving average price of $18.68. The company has a market cap of $422.14 million, a P/E ratio of -0.31 and a beta of 0.71. Cartesian Therapeutics has a one year low of $11.67 and a one year high of $41.87.

Insider Buying and Selling

In other news, CFO Blaine Davis sold 4,028 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now directly owns 94,811 shares in the company, valued at approximately $1,595,669.13. This represents a 4.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Metin Kurtoglu sold 2,417 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $40,412.24. Following the completion of the sale, the chief technology officer now directly owns 64,716 shares in the company, valued at approximately $1,082,051.52. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,744 shares of company stock valued at $247,337. 57.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its stake in Cartesian Therapeutics by 122.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after acquiring an additional 909 shares in the last quarter. Virtus ETF Advisers LLC acquired a new stake in shares of Cartesian Therapeutics during the fourth quarter worth about $63,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cartesian Therapeutics by 22.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock valued at $82,000 after purchasing an additional 847 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Cartesian Therapeutics by 112.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company’s stock valued at $87,000 after purchasing an additional 2,568 shares in the last quarter. Finally, Corebridge Financial Inc. increased its stake in Cartesian Therapeutics by 32.6% during the 4th quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock worth $92,000 after buying an additional 1,258 shares during the period. 86.95% of the stock is owned by institutional investors and hedge funds.

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.