Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has earned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $43.00.

A number of equities research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $45.00 target price on shares of Cartesian Therapeutics in a report on Friday, September 13th. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research report on Wednesday, October 16th.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer acquired 5,514 shares of Cartesian Therapeutics stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the purchase, the director now directly owns 7,823,559 shares of the company’s stock, valued at $135,973,455.42. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cartesian Therapeutics news, Director Timothy A. Springer bought 80,301 shares of the company’s stock in a transaction on Friday, October 4th. The shares were bought at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the acquisition, the director now owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy A. Springer bought 5,514 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were acquired at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the acquisition, the director now directly owns 7,823,559 shares of the company’s stock, valued at $135,973,455.42. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 93,831 shares of company stock worth $2,010,993 in the last ninety days. 61.10% of the stock is owned by insiders.

Institutional Trading of Cartesian Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd acquired a new stake in shares of Cartesian Therapeutics during the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $49,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $351,000. Marshall Wace LLP acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $811,000. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $855,000. 86.95% of the stock is owned by institutional investors and hedge funds.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $19.80 on Friday. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60. The firm has a 50 day moving average price of $18.12 and a 200 day moving average price of $20.30.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to analysts’ expectations of $6.00 million. Equities research analysts expect that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

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.