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

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been assigned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $42.86.

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. HC Wainwright restated a “buy” rating and issued a $45.00 price target (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Finally, BTIG Research assumed coverage on Cartesian Therapeutics in a research report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective for the company.

Insider Buying and Selling at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 25,900 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the sale, the chief technology officer now directly owns 51,033 shares in the company, valued at $838,982.52. This trade represents a 33.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy A. Springer bought 80,301 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were purchased at an average price of $22.58 per share, for a total transaction of $1,813,196.58. Following the purchase, the director now owns 8,023,766 shares in the company, valued at $181,176,636.28. This represents a 1.01 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 128,089 shares of company stock valued at $2,169,555. Company insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RNAC. BNP Paribas Financial Markets boosted its stake in shares of 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 acquiring an additional 909 shares during the period. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cartesian Therapeutics during the 2nd quarter valued at approximately $49,000. Barclays PLC raised its position in shares of Cartesian Therapeutics by 208.6% during the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after buying an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Cartesian Therapeutics in the second quarter worth $351,000. 86.95% of the stock is owned by institutional investors.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ:RNAC opened at $19.79 on Friday. The business has a 50-day simple moving average of $19.84 and a two-hundred day simple moving average of $18.64. The firm has a market cap of $502.96 million, a price-to-earnings ratio of -0.37 and a beta of 0.59. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $41.87.

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.