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

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been given a consensus rating of “Moderate Buy” by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $42.33.

RNAC has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a report on Monday. HC Wainwright cut their target price on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating for the company.

Insider Transactions at Cartesian Therapeutics

In other news, Director Timothy A. Springer purchased 5,514 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average price 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 in the company, valued at approximately $135,973,455.42. The trade was a 0.07 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Metin Kurtoglu sold 25,900 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.44, for a total value of $425,796.00. Following the completion of the transaction, the chief technology officer now owns 51,033 shares in the company, valued at approximately $838,982.52. This represents a 33.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,089 shares of company stock worth $2,169,555. Insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Artal Group S.A. acquired a new position in Cartesian Therapeutics in the first quarter valued at about $5,939,000. Vanguard Group Inc. acquired a new position in Cartesian Therapeutics in the first quarter valued at about $4,105,000. FMR LLC lifted its stake in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after buying an additional 2,341,054 shares during the period. Great Point Partners LLC acquired a new position in Cartesian Therapeutics in the third quarter valued at about $3,224,000. Finally, Logos Global Management LP acquired a new position in Cartesian Therapeutics in the second quarter valued at about $2,431,000. Institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Stock Down 5.1 %

Shares of RNAC stock opened at $17.91 on Tuesday. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $42.60. The firm has a market cap of $455.27 million, a PE ratio of -0.34 and a beta of 0.63. The stock has a 50 day moving average of $19.54 and a 200-day moving average of $19.97.

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.