Needham & Company LLC Reaffirms “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Needham & Company LLC restated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note released on Tuesday,Benzinga reports. Needham & Company LLC currently has a $41.00 target price on the stock.

Several other research analysts also recently commented on the stock. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday. HC Wainwright reduced their target price on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, TD Cowen assumed coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.33.

Cartesian Therapeutics Stock Up 2.6 %

RNAC stock opened at $20.08 on Tuesday. Cartesian Therapeutics has a twelve month low of $11.66 and a twelve month high of $41.87. The firm has a market cap of $510.43 million, a price-to-earnings ratio of -0.38 and a beta of 0.59. The business’s fifty day simple moving average is $19.88 and its two-hundred day simple moving average is $19.73.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 80,301 shares of Cartesian Therapeutics stock in a transaction on Friday, October 4th. The stock was acquired at an average cost of $22.58 per share, for a total transaction 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 $181,176,636.28. This trade represents a 1.01 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $425,796.00. Following the completion of the sale, the chief technology officer now owns 51,033 shares in the company, valued at $838,982.52. This represents a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,089 shares of company stock valued at $2,169,555 over the last 90 days. Corporate insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its holdings in Cartesian Therapeutics by 122.5% in the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after purchasing an additional 909 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cartesian Therapeutics during the 2nd quarter worth $49,000. Barclays PLC increased its position in Cartesian Therapeutics by 208.6% during the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after buying an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Cartesian Therapeutics in the second quarter worth about $351,000. Institutional investors own 86.95% of the company’s stock.

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.