Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up – What’s Next?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares gapped up prior to trading on Tuesday . The stock had previously closed at $18.57, but opened at $19.85. Cartesian Therapeutics shares last traded at $19.73, with a volume of 6,945 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a report on Friday, November 8th. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating for the company. Finally, HC Wainwright decreased their price target on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cartesian Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $42.33.

Cartesian Therapeutics Trading Up 3.4 %

The firm has a market cap of $488.06 million, a price-to-earnings ratio of -0.37 and a beta of 0.63. The company has a 50 day moving average of $19.37 and a 200 day moving average of $20.19.

Insider Activity

In other news, Director Timothy A. Springer acquired 5,514 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the acquisition, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This represents a 0.07 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total value of $564,550.00. Following the completion of the sale, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. This represents a 65.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,300 shares of company stock worth $1,622,962 in the last 90 days. Corporate insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds have recently made changes to their positions in RNAC. BNP Paribas Financial Markets boosted its holdings 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 last quarter. SG Americas Securities LLC acquired a new position in Cartesian Therapeutics during the first quarter valued at approximately $31,000. American International Group Inc. bought a new position in Cartesian Therapeutics in the first quarter valued at approximately $37,000. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $49,000. 86.95% of the stock is owned by 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.