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

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $41.00 price objective on the stock.

RNAC has been the subject of a number of other reports. Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 2nd. Canaccord Genuity Group raised their price objective on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. TD Cowen initiated coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating for the company. Finally, HC Wainwright restated a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a research report on Friday, September 13th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Cartesian Therapeutics Trading Up 5.4 %

NASDAQ:RNAC opened at $22.87 on Wednesday. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60. The stock has a fifty day simple moving average of $16.73 and a 200 day simple moving average of $19.92.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million. Sell-side analysts anticipate that Cartesian Therapeutics will post 3.99 EPS for the current year.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 5,514 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were bought at an average cost of $17.38 per share, with a total value of $95,833.32. Following the transaction, the director now directly owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Timothy A. Springer acquired 80,301 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were bought at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the acquisition, the director now owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Springer acquired 5,514 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the acquisition, the director now directly owns 7,823,559 shares in the company, valued at $135,973,455.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 93,831 shares of company stock valued at $2,010,993. Corporate insiders own 57.90% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at $31,000. American International Group Inc. acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at $37,000. BNP Paribas Financial Markets acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at $38,000. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at $47,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at $49,000. Institutional investors and hedge funds 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.