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

Cartesian Therapeutics (NASDAQ:RNAC) had its target price lowered by HC Wainwright from $45.00 to $40.00 in a report issued on Friday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

RNAC has been the subject of a number of other research reports. BTIG Research assumed coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research report on Thursday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $42.14.

Cartesian Therapeutics Stock Down 4.9 %

Shares of NASDAQ:RNAC opened at $15.80 on Friday. Cartesian Therapeutics has a 52-week low of $11.67 and a 52-week high of $41.87. The stock has a market cap of $401.56 million, a P/E ratio of -0.30 and a beta of 0.71. The business has a fifty day moving average of $18.57 and a two-hundred day moving average of $18.76.

Insider Activity

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,417 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 $40,412.24. Following the sale, the chief technology officer now owns 64,716 shares in the company, valued at $1,082,051.52. This represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 of the company’s stock, valued at $1,595,669.13. The trade was a 4.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,744 shares of company stock worth $247,337. Corporate insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of large investors have recently modified their holdings of RNAC. MPM Bioimpact LLC lifted its position in shares of Cartesian Therapeutics by 14.6% during the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock worth $12,916,000 after purchasing an additional 91,716 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Cartesian Therapeutics by 197.8% in the fourth quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company’s stock valued at $1,291,000 after buying an additional 47,889 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cartesian Therapeutics by 44.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company’s stock worth $104,000 after buying an additional 1,789 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Cartesian Therapeutics by 54.4% during the 4th quarter. Bank of America Corp DE now owns 11,690 shares of the company’s stock worth $209,000 after acquiring an additional 4,120 shares in the last quarter. Finally, 683 Capital Management LLC increased its holdings in shares of Cartesian Therapeutics by 65.7% in the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock valued at $2,239,000 after acquiring an additional 49,569 shares during the last quarter. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.