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

BTIG Research began coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC - Free Report) in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $42.00 price objective on the stock.

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

Cartesian Therapeutics Stock Performance

Shares of RNAC stock traded up $2.35 during mid-day trading on Thursday, hitting $19.27. 217,612 shares of the stock were exchanged, compared to its average volume of 98,459. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $41.87. The stock has a market capitalization of $489.75 million, a price-to-earnings ratio of -0.36 and a beta of 0.59. The stock's fifty day simple moving average is $20.20 and its two-hundred day simple moving average is $19.31.

Insider Buying and Selling

In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of the firm's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $16.13, for a total transaction of $564,550.00. Following the transaction, the insider now 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 SEC, which can be accessed through this hyperlink. Also, Director Timothy A. Springer purchased 80,301 shares of Cartesian Therapeutics stock in a transaction dated Friday, October 4th. The stock was acquired at an average cost of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the acquisition, the director now directly owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This trade represents a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 128,089 shares of company stock valued at $2,169,555 in the last ninety days. 57.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNAC. Barclays PLC boosted its stake in shares of Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company's stock valued at $188,000 after purchasing an additional 7,849 shares during the period. Geode Capital Management LLC grew its holdings in Cartesian Therapeutics by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company's stock valued at $2,188,000 after buying an additional 2,737 shares during the last quarter. State Street Corp boosted its position in shares of 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 acquiring an additional 3,830 shares in the last quarter. Great Point Partners LLC acquired a new position in Cartesian Therapeutics during the 3rd quarter worth about $3,224,000. Finally, BNP Paribas Financial Markets increased 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 valued at $27,000 after purchasing an additional 909 shares during the last quarter. 86.95% of the stock is currently owned by hedge funds and other 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.