Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up on Insider Buying Activity

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $22.82, but opened at $23.85. Cartesian Therapeutics shares last traded at $23.56, with a volume of 173,273 shares traded.

Specifically, Director Timothy A. Springer bought 80,301 shares of the stock in a transaction on Friday, October 4th. The shares were bought at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the purchase, the director now directly owns 8,023,766 shares in the company, valued at $181,176,636.28. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy A. Springer bought 5,514 shares of Cartesian Therapeutics stock in a transaction dated Wednesday, October 2nd. The stock was acquired at an average price of $17.38 per share, with a total value of $95,833.32. Following the completion of the transaction, the director now directly owns 7,823,559 shares of the company’s stock, valued at approximately $135,973,455.42. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

A number of research firms have commented on RNAC. HC Wainwright reiterated a “buy” rating and issued a $45.00 price objective on shares of Cartesian Therapeutics in a report on Friday, September 13th. Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 2nd. Canaccord Genuity Group lifted their price objective on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Needham & Company LLC dropped their target price on Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, TD Cowen assumed coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Stock Performance

The firm has a 50 day simple moving average of $15.28 and a 200-day simple moving average of $19.77.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $1.35. The business had revenue of $33.45 million for the quarter, compared to analyst estimates of $6.00 million. Equities analysts expect that Cartesian Therapeutics, Inc. will post 3.99 EPS for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at approximately $47,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Cartesian Therapeutics in the second quarter valued at $351,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at $49,000. Logos Global Management LP acquired a new position in Cartesian Therapeutics during the 2nd quarter worth about $2,431,000. Finally, Marshall Wace LLP purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $811,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.