Cartesian Therapeutics (NASDAQ:RNAC) Earns Buy Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $41.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 132.95% from the company’s current price.

RNAC has been the topic of several 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 target price on the stock. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price target (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $42.86.

Cartesian Therapeutics Stock Up 4.5 %

NASDAQ RNAC traded up $0.76 during trading on Monday, reaching $17.60. 49,873 shares of the stock traded hands, compared to its average volume of 118,388. The stock’s 50-day moving average price is $19.02 and its 200 day moving average price is $18.00. The firm has a market cap of $447.30 million, a price-to-earnings ratio of -0.33 and a beta of 0.56. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87.

Insider Transactions at Cartesian Therapeutics

In related 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 transaction, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. This represents a 65.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Metin Kurtoglu sold 2,417 shares of Cartesian Therapeutics stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $40,412.24. Following the completion of the sale, the chief technology officer now owns 64,716 shares of the company’s stock, valued at $1,082,051.52. This trade represents a 3.60 % decrease in their position. 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 Trading of Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in shares of Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after buying an additional 909 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics during the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at $49,000. Barclays PLC raised its holdings in shares of Cartesian Therapeutics by 208.6% during the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after buying an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth $351,000. 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.