Cartesian Therapeutics (NASDAQ:RNAC) Trading 7.2% Higher – What’s Next?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC)’s stock price traded up 7.2% during trading on Thursday . The stock traded as high as $19.80 and last traded at $19.80. Approximately 17,501 shares changed hands during trading, a decline of 83% from the average daily volume of 100,456 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. HC Wainwright restated a “buy” rating and issued a $45.00 target price (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, BTIG Research began coverage on Cartesian Therapeutics in a research report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target for the company. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.86.

Cartesian Therapeutics Stock Performance

The stock has a market cap of $497.88 million, a P/E ratio of -0.37 and a beta of 0.60. The business has a 50 day simple moving average of $19.94 and a 200-day simple moving average of $18.72.

Insider Activity at Cartesian Therapeutics

In other news, Director Timothy A. Springer purchased 80,301 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were purchased at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the transaction, the director now directly owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This represents a 1.01 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Metin Kurtoglu sold 32,789 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $16.67, for a total value of $546,592.63. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $850,720.11. This trade represents a 39.12 % 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 worth $2,169,555. 57.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its stake in shares of Cartesian Therapeutics by 122.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after buying an additional 909 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics during the 2nd quarter valued at $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics during the second quarter worth $49,000. Barclays PLC boosted its holdings in shares of Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after acquiring an additional 7,849 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Cartesian Therapeutics in the second quarter valued at $351,000. 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.