BTIG Research Begins Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

Equities research analysts at BTIG Research started coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 148.23% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price objective (up previously from $41.00) on shares of Cartesian Therapeutics in a research report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. Finally, Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Cartesian Therapeutics has an average rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC opened at $16.92 on Thursday. The business has a fifty day moving average price of $20.20 and a 200 day moving average price of $19.31. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87. The stock has a market capitalization of $430.02 million, a P/E ratio of -0.32 and a beta of 0.59.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction dated 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 transaction, the director now directly owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This represents a 0.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 128,089 shares of company stock worth $2,169,555. Company insiders own 57.90% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its position in shares of Cartesian Therapeutics by 122.5% during the 3rd 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 purchased a new position in shares of Cartesian Therapeutics in the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics in the second quarter worth approximately $49,000. Geode Capital Management LLC increased its position in shares of Cartesian Therapeutics by 2.1% during the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock worth $2,188,000 after purchasing an additional 2,737 shares in the last quarter. Finally, State Street Corp lifted its holdings in Cartesian Therapeutics by 2.5% in the 3rd quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after purchasing an additional 3,830 shares in the last quarter. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.