Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Average Rating of “Moderate Buy” by Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has earned a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $42.86.

Several analysts have issued reports on RNAC shares. Needham & Company LLC restated a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, December 3rd. BTIG Research initiated coverage on Cartesian Therapeutics in a report on Thursday. They set a “buy” rating and a $42.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd.

Insider Activity

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 5,514 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the transaction, the director now owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This represents a 0.07 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Milos Miljkovic sold 35,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares in the company, valued at $294,743.49. This represents a 65.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,089 shares of company stock valued at $2,169,555. 57.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its position in Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after purchasing an additional 909 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $49,000. Barclays PLC increased its stake in Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Cartesian Therapeutics during the second quarter valued at approximately $351,000. Institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Stock Performance

Shares of RNAC stock opened at $19.02 on Friday. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $41.87. The stock has a market cap of $483.39 million, a price-to-earnings ratio of -0.36 and a beta of 0.59. The firm’s 50-day moving average is $20.10 and its 200-day moving average is $19.19.

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.