Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up – Should You Buy?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares gapped up prior to trading on Tuesday . The stock had previously closed at $18.57, but opened at $19.85. Cartesian Therapeutics shares last traded at $19.73, with a volume of 6,945 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research note on Friday, November 8th. HC Wainwright cut their target price on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, TD Cowen began coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.33.

Cartesian Therapeutics Stock Performance

The firm’s 50 day moving average is $19.42 and its 200-day moving average is $20.13.

Insider Buying and Selling at Cartesian Therapeutics

In other news, Director Timothy A. Springer bought 80,301 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were bought at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the acquisition, the director now directly owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. This trade represents a 1.01 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Metin Kurtoglu sold 34,400 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.39, for a total transaction of $632,616.00. Following the completion of the transaction, the chief technology officer now owns 51,033 shares in the company, valued at approximately $938,496.87. This represents a 40.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,300 shares of company stock worth $1,622,962 in the last ninety days. 57.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings 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 worth $27,000 after acquiring an additional 909 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics in the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cartesian Therapeutics during the 2nd quarter worth approximately $49,000. Barclays PLC increased its stake in 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 during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in Cartesian Therapeutics during the 2nd quarter worth approximately $351,000. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.