Cartesian Therapeutics (NASDAQ:RNAC) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report released on Thursday morning,Benzinga reports. They currently have a $41.00 price objective on the stock.

A number of other research analysts have also issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $45.00 target price on shares of Cartesian Therapeutics in a report on Tuesday, January 28th. BTIG Research assumed coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 target price on the stock. Finally, Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Stock Down 5.0 %

NASDAQ:RNAC opened at $16.61 on Thursday. The business’s 50-day moving average price is $18.60 and its 200 day moving average price is $18.68. The firm has a market cap of $422.14 million, a P/E ratio of -0.31 and a beta of 0.71. Cartesian Therapeutics has a 52-week low of $11.67 and a 52-week high of $41.87.

Insider Buying and Selling

In related news, CFO Blaine Davis sold 4,028 shares of Cartesian Therapeutics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now owns 94,811 shares of the company’s stock, valued at approximately $1,595,669.13. This trade represents a 4.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Metin Kurtoglu sold 2,417 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $16.72, for a total value of $40,412.24. Following the sale, the chief technology officer now owns 64,716 shares of the company’s stock, valued at $1,082,051.52. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,744 shares of company stock valued at $247,337. 57.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its position in Cartesian Therapeutics by 22.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock worth $82,000 after acquiring an additional 847 shares during the period. BNP Paribas Financial Markets boosted its position 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 during the period. Rhumbline Advisers boosted its position in Cartesian Therapeutics by 10.0% during the 4th quarter. Rhumbline Advisers now owns 10,201 shares of the company’s stock worth $183,000 after acquiring an additional 927 shares during the period. Corebridge Financial Inc. boosted its position in Cartesian Therapeutics by 32.6% during the 4th quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock worth $92,000 after acquiring an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cartesian Therapeutics by 44.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company’s stock worth $104,000 after acquiring an additional 1,789 shares during the period. 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.