Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a report released on Tuesday,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 109.50% from the company’s previous close.

Several other brokerages also recently issued reports on RNAC. TD Cowen began coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating for the company. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a report on Monday. Finally, HC Wainwright reduced their price target on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.33.

Cartesian Therapeutics Stock Up 3.9 %

RNAC traded up $0.74 during trading on Tuesday, reaching $19.57. The company’s stock had a trading volume of 176,215 shares, compared to its average volume of 116,453. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87. The company has a market cap of $497.47 million, a price-to-earnings ratio of -0.37 and a beta of 0.60. The firm has a fifty day simple moving average of $19.80 and a two-hundred day simple moving average of $19.77.

Insider Activity

In related news, CTO Metin Kurtoglu sold 32,789 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $16.67, for a total value of $546,592.63. Following the completion of the transaction, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $850,720.11. This represents a 39.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy A. Springer bought 80,301 shares of Cartesian Therapeutics stock in a transaction dated Friday, October 4th. The stock was acquired at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the acquisition, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This represents a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 128,089 shares of company stock worth $2,169,555 over the last three months. 57.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. bought a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $4,105,000. FMR LLC increased its stake in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after purchasing an additional 2,341,054 shares in the last quarter. Great Point Partners LLC bought a new stake in Cartesian Therapeutics in the 3rd quarter worth about $3,224,000. State Street Corp boosted its stake in Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after acquiring an additional 3,830 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after acquiring an additional 2,737 shares during the period. Institutional investors own 86.95% of the company’s stock.

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.