Cartesian Therapeutics (NASDAQ:RNAC) Receives Buy Rating from Needham & Company LLC

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

A number of other research firms have also recently commented on RNAC. TD Cowen began coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. HC Wainwright dropped their price objective on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.33.

Cartesian Therapeutics Price Performance

RNAC opened at $17.91 on Monday. The stock has a market cap of $455.27 million, a P/E ratio of -0.34 and a beta of 0.63. The firm has a fifty day moving average price of $19.65 and a 200 day moving average price of $19.92. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87.

Insider Activity at Cartesian Therapeutics

In other news, Director Timothy A. Springer acquired 5,514 shares of Cartesian Therapeutics stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $17.38 per share, with a total value of $95,833.32. Following the purchase, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.07 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,089 shares of company stock valued at $2,169,555. 57.90% of the stock is owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

Hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its holdings in shares of 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 purchasing an additional 7,849 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cartesian Therapeutics by 2.1% during the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after buying an additional 2,737 shares during the last quarter. State Street Corp boosted its stake in Cartesian Therapeutics by 2.5% during the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after buying an additional 3,830 shares during the last quarter. Great Point Partners LLC acquired a new stake in shares of Cartesian Therapeutics in the 3rd quarter worth $3,224,000. Finally, BNP Paribas Financial Markets increased its stake 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. 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.