Cartesian Therapeutics (NASDAQ:RNAC) Receives “Buy” Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $41.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 127.52% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. BTIG Research initiated coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They set a “buy” rating and a $42.00 price target on the stock. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price (up from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.86.

Cartesian Therapeutics Trading Down 1.7 %

NASDAQ RNAC opened at $18.02 on Monday. The business has a fifty day simple moving average of $18.97 and a 200 day simple moving average of $17.87. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $41.87. The firm has a market capitalization of $457.98 million, a P/E ratio of -0.34 and a beta of 0.56.

Insider Buying and Selling

In other news, CFO Blaine Davis sold 4,028 shares of Cartesian Therapeutics stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $67,791.24. Following the completion of the transaction, the chief financial officer now owns 94,811 shares in the company, valued at $1,595,669.13. This trade represents a 4.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Milos Miljkovic sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the sale, the insider now owns 18,273 shares in the company, valued at $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 142,833 shares of company stock valued at $2,416,892. 57.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Logos Global Management LP purchased a new position in shares of Cartesian Therapeutics in the second quarter valued at $2,431,000. Marshall Wace LLP purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $811,000. Point72 DIFC Ltd purchased a new position in Cartesian Therapeutics during the 2nd quarter valued at about $47,000. Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics during the second quarter valued at about $351,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics in the second quarter worth about $49,000. Institutional investors own 86.95% of the company’s stock.

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.