Cartesian Therapeutics (NASDAQ:RNAC) Receives “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report published on Tuesday,Benzinga reports. HC Wainwright currently has a $45.00 price objective on the stock.

A number of other analysts have also weighed in on RNAC. BTIG Research began coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a report on Monday. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.86.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $19.99 on Tuesday. The firm has a market cap of $508.15 million, a P/E ratio of -0.38 and a beta of 0.56. The firm has a 50 day simple moving average of $19.05 and a 200 day simple moving average of $17.96. 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 other news, CTO Metin Kurtoglu sold 25,900 shares of Cartesian Therapeutics stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the transaction, the chief technology officer now directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 142,833 shares of company stock valued at $2,416,892 over the last three months. 57.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Several institutional investors have recently added to or reduced their stakes in RNAC. FMR LLC lifted its position in Cartesian Therapeutics by 458.3% in the 3rd quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after acquiring 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 valued at $3,224,000. Logos Global Management LP bought a new stake in Cartesian Therapeutics in the 2nd quarter valued at $2,431,000. Marshall Wace LLP bought a new stake in Cartesian Therapeutics in the 2nd quarter valued at $811,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Cartesian Therapeutics in the 2nd quarter valued at $351,000. 86.95% of the stock is owned by institutional investors.

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.