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

Cartesian Therapeutics (NASDAQ:RNACGet Free Report)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $41.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 105.10% from the stock’s previous close.

RNAC has been the subject of a number of other reports. HC Wainwright restated a “buy” rating and issued a $45.00 target price (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. BTIG Research began coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research 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. According to data from MarketBeat.com, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $42.86.

Read Our Latest Analysis on Cartesian Therapeutics

Cartesian Therapeutics Stock Up 2.9 %

Shares of RNAC opened at $19.99 on Monday. The stock’s 50-day moving average price is $19.05 and its 200 day moving average price is $17.96. The firm has a market capitalization of $508.15 million, a price-to-earnings ratio of -0.38 and a beta of 0.56. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $41.87.

Insider Activity

In other news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction on Thursday, November 14th. The stock was 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 of the company’s stock, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Metin Kurtoglu sold 34,400 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.39, for a total value of $632,616.00. Following the transaction, the chief technology officer now directly owns 51,033 shares in the company, valued at $938,496.87. This trade represents a 40.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 142,833 shares of company stock worth $2,416,892. Insiders own 57.90% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of 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 buying an additional 909 shares during the period. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cartesian Therapeutics during the 2nd quarter worth $49,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 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 valued at $82,000 after acquiring an additional 847 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of Cartesian Therapeutics in the 4th quarter valued at $97,000. 86.95% of the stock is owned by institutional investors.

About Cartesian Therapeutics

(Get Free Report)

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.

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Analyst Recommendations for Cartesian Therapeutics (NASDAQ:RNAC)

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