Cartesian Therapeutics (NASDAQ:RNAC) Now Covered by Analysts at BTIG Research

BTIG Research assumed coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report report published on Thursday morning, Marketbeat.com reports. The firm issued a buy rating and a $42.00 price objective on the stock.

Several other equities analysts have also issued reports on RNAC. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a research note on Tuesday, December 3rd. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Finally, HC Wainwright restated a “buy” rating and set a $45.00 price target (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.86.

Cartesian Therapeutics Price Performance

Shares of NASDAQ:RNAC traded up $0.38 on Thursday, hitting $19.65. 17,210 shares of the company’s stock were exchanged, compared to its average volume of 98,126. The business’s 50 day simple moving average is $20.16 and its two-hundred day simple moving average is $19.31. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $41.87. The stock has a market capitalization of $499.40 million, a price-to-earnings ratio of -0.37 and a beta of 0.59.

Insider Buying and Selling at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 25,900 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.44, for a total transaction of $425,796.00. Following the completion of the transaction, the chief technology officer now directly owns 51,033 shares in the company, valued at approximately $838,982.52. This represents a 33.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy A. Springer purchased 5,514 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were acquired at an average price of $17.38 per share, with a total value of $95,833.32. Following the completion of the acquisition, the director now owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This trade represents a 0.07 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 128,089 shares of company stock worth $2,169,555 in the last three months. 57.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds have recently bought and sold shares of RNAC. BNP Paribas Financial Markets lifted its stake in Cartesian Therapeutics by 122.5% during 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 in the last quarter. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at about $49,000. Barclays PLC raised its position in Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after purchasing an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at about $351,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

About Cartesian Therapeutics

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.