HC Wainwright Lowers Cartesian Therapeutics (NASDAQ:RNAC) Price Target to $40.00

Cartesian Therapeutics (NASDAQ:RNAC) had its target price lowered by HC Wainwright from $45.00 to $40.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the stock. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They set a “buy” rating and a $42.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a research report on Thursday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.14.

Cartesian Therapeutics Price Performance

Shares of NASDAQ:RNAC opened at $15.80 on Friday. The stock has a market cap of $401.56 million, a P/E ratio of -0.30 and a beta of 0.71. The firm has a fifty day moving average price of $18.57 and a 200 day moving average price of $18.70. Cartesian Therapeutics has a 1-year low of $11.67 and a 1-year high of $41.87.

Insiders Place Their Bets

In other news, CFO Blaine Davis sold 3,961 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $66,227.92. Following the completion of the transaction, the chief financial officer now owns 98,839 shares in the company, valued at $1,652,588.08. This trade represents a 3.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Metin Kurtoglu sold 2,458 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.83, for a total transaction of $41,368.14. Following the completion of the transaction, the chief technology officer now owns 62,258 shares of the company’s stock, valued at $1,047,802.14. This represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,744 shares of company stock worth $247,337. 57.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds have recently added to or reduced their stakes in RNAC. FMR LLC increased its holdings in Cartesian Therapeutics by 458.3% during 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 purchased a new position in Cartesian Therapeutics during the 3rd quarter valued at about $3,224,000. MPM Bioimpact LLC boosted its stake in shares of Cartesian Therapeutics by 14.6% during the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock worth $12,916,000 after purchasing an additional 91,716 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cartesian Therapeutics by 63.0% during the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock worth $3,963,000 after purchasing an additional 85,557 shares during the last quarter. Finally, 683 Capital Management LLC boosted its stake in shares of Cartesian Therapeutics by 65.7% during the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock worth $2,239,000 after purchasing an additional 49,569 shares during the last quarter. 86.95% of the stock is currently owned by hedge funds and other 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.