Timothy A. Springer Buys 80,301 Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Stock

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Director Timothy A. Springer acquired 80,301 shares of the stock in a transaction dated Friday, October 4th. The shares were bought at an average price of $22.58 per share, for a total transaction of $1,813,196.58. Following the transaction, the director now owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cartesian Therapeutics Trading Up 7.4 %

NASDAQ:RNAC traded up $1.70 during midday trading on Friday, reaching $24.52. 301,190 shares of the stock traded hands, compared to its average volume of 93,918. The company has a fifty day moving average of $15.14 and a 200 day moving average of $19.75. Cartesian Therapeutics, Inc. has a 12 month low of $11.66 and a 12 month high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.81) by $1.35. The firm had revenue of $33.45 million for the quarter, compared to the consensus estimate of $6.00 million. On average, research analysts predict that Cartesian Therapeutics, Inc. will post 3.99 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Canaccord Genuity Group increased their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. TD Cowen initiated coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a report on Friday, September 13th. Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Finally, Needham & Company LLC decreased their price target on shares of Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Cartesian Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Institutional Investors Weigh In On Cartesian Therapeutics

Large investors have recently made changes to their positions in the business. Point72 DIFC Ltd bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cartesian Therapeutics in the second quarter worth about $49,000. Cubist Systematic Strategies LLC bought a new stake in Cartesian Therapeutics during the 2nd quarter valued at approximately $351,000. Marshall Wace LLP purchased a new position in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $811,000. Finally, Lake Street Advisors Group LLC bought a new position in shares of Cartesian Therapeutics in the 2nd quarter worth approximately $855,000. 86.95% of the stock is currently 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.