Cartesian Therapeutics (NASDAQ:RNAC) Receives “Buy” Rating from Needham & Company LLC

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

Other research analysts have also recently issued research reports about the stock. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating on the stock. HC Wainwright lowered 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 note on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.33.

Cartesian Therapeutics Stock Performance

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 $42.60. The firm’s fifty day moving average is $19.54 and its 200 day moving average is $19.97. The stock has a market cap of $455.27 million, a price-to-earnings ratio of -0.34 and a beta of 0.63.

Insiders Place Their Bets

In other news, insider Milos Miljkovic sold 35,000 shares of the business’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 sale, the insider now directly owns 18,273 shares in the company, valued at $294,743.49. The trade was a 65.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was 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 approximately $838,982.52. This trade represents a 33.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,089 shares of company stock worth $2,169,555 in the last 90 days. 57.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

A number of large investors have recently made changes to their positions in the business. Barclays PLC increased its holdings in shares of Cartesian Therapeutics by 208.6% in the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after buying an additional 7,849 shares during the last quarter. Geode Capital Management LLC grew its holdings in Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock valued at $2,188,000 after purchasing an additional 2,737 shares during the last quarter. State Street Corp grew its holdings in Cartesian Therapeutics by 2.5% during 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 during the last quarter. Great Point Partners LLC bought a new position in Cartesian Therapeutics during the 3rd quarter valued at about $3,224,000. Finally, BNP Paribas Financial Markets grew its holdings in Cartesian Therapeutics by 122.5% during the 3rd 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 during the last quarter. 86.95% of the stock is currently owned by institutional investors.

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.