HC Wainwright Issues Pessimistic Forecast for Cartesian Therapeutics (NASDAQ:RNAC) Stock Price

Cartesian Therapeutics (NASDAQ:RNAC) had its price objective reduced by analysts at HC Wainwright from $45.00 to $40.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 140.82% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a research note on Thursday. Finally, BTIG Research began coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Trading Down 5.0 %

NASDAQ:RNAC opened at $16.61 on Friday. The firm has a fifty day simple moving average of $18.60 and a 200-day simple moving average of $18.68. Cartesian Therapeutics has a 12 month low of $11.67 and a 12 month high of $41.87. The company has a market capitalization of $422.14 million, a P/E ratio of -0.31 and a beta of 0.71.

Insider Activity

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,458 shares of Cartesian Therapeutics stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $41,368.14. Following the completion of the transaction, the chief technology officer now owns 62,258 shares of the company’s stock, valued at approximately $1,047,802.14. The trade was a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Blaine Davis sold 3,961 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $66,227.92. Following the completion of the transaction, the chief financial officer now owns 98,839 shares of the company’s stock, valued at approximately $1,652,588.08. This trade represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,744 shares of company stock valued at $247,337 in the last three months. 57.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in shares of Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after buying an additional 2,341,054 shares in the last quarter. MPM Bioimpact LLC grew its stake in Cartesian Therapeutics by 14.6% in the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock valued at $12,916,000 after acquiring an additional 91,716 shares during the period. JPMorgan Chase & Co. increased its holdings in Cartesian Therapeutics by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock worth $4,981,000 after acquiring an additional 2,688 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cartesian Therapeutics by 63.0% during the fourth quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock valued at $3,963,000 after purchasing an additional 85,557 shares in the last quarter. Finally, Great Point Partners LLC purchased a new position in Cartesian Therapeutics during the third quarter valued at $3,224,000. Hedge funds and other 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.