Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $41.00 target price on the stock.

RNAC has been the subject of several other research reports. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating for the company. HC Wainwright cut their price objective on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.33.

Cartesian Therapeutics Stock Performance

Shares of RNAC opened at $17.91 on Monday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87. The business has a 50-day moving average of $19.63 and a 200 day moving average of $19.94. The firm has a market cap of $455.27 million, a P/E ratio of -0.34 and a beta of 0.63.

Insider Activity

In related news, CTO Metin Kurtoglu sold 32,789 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $16.67, for a total transaction of $546,592.63. Following the completion of the transaction, the chief technology officer now directly owns 51,033 shares in the company, valued at $850,720.11. The trade was a 39.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were 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 in the company, valued at approximately $294,743.49. The trade was a 65.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,089 shares of company stock worth $2,169,555. 57.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised its stake in Cartesian Therapeutics by 122.5% in the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after purchasing an additional 909 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of Cartesian Therapeutics in the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at $49,000. Geode Capital Management LLC lifted its holdings in shares of Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after acquiring an additional 2,737 shares during the last quarter. Finally, State Street Corp grew its position in Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after acquiring an additional 3,830 shares in the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.