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 report report published on Friday,Benzinga reports. Needham & Company LLC currently has a $41.00 price target on the stock.

RNAC has been the topic of a number of other reports. HC Wainwright restated a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a research note on Friday, September 13th. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $42.33.

Cartesian Therapeutics Stock Down 4.7 %

Shares of NASDAQ RNAC opened at $19.78 on Friday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The firm’s 50-day simple moving average is $18.85 and its 200 day simple moving average is $20.38. The stock has a market cap of $423.09 million, a P/E ratio of -0.38 and a beta of 0.63.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in Cartesian Therapeutics in the 2nd quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $49,000. Cubist Systematic Strategies LLC purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $351,000. Marshall Wace LLP purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $811,000. Finally, Lake Street Advisors Group LLC purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $855,000. Hedge funds and other 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.