Needham & Company LLC reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC - Free Report) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $41.00 target price on the stock.
Other analysts have also issued reports about the company. HC Wainwright reaffirmed a "buy" rating and issued a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. BTIG Research assumed coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a "hold" rating in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Cartesian Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $42.86.
Get Our Latest Research Report on RNAC
Cartesian Therapeutics Price Performance
Cartesian Therapeutics stock traded up $1.49 during midday trading on Monday, hitting $18.33. The company's stock had a trading volume of 102,983 shares, compared to its average volume of 126,999. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87. The company has a 50-day moving average price of $19.02 and a two-hundred day moving average price of $18.00. The company has a market cap of $465.86 million, a price-to-earnings ratio of -0.35 and a beta of 0.56.
Insider Activity
In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics 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 completion of the sale, the insider now directly owns 18,273 shares in the company, valued at approximately $294,743.49. The trade was 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, CFO Blaine Davis sold 4,028 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now owns 94,811 shares in the company, valued at $1,595,669.13. The trade was a 4.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 142,833 shares of company stock valued at $2,416,892. 57.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Cartesian Therapeutics
Several hedge funds and other institutional investors have recently bought and sold shares of RNAC. BNP Paribas Financial Markets raised its stake in 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 buying an additional 909 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Cartesian Therapeutics during the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Cartesian Therapeutics during the second quarter worth $49,000. JPMorgan Chase & Co. grew its holdings in Cartesian Therapeutics by 0.9% during the third quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company's stock worth $4,981,000 after buying an additional 2,688 shares in the last quarter. Finally, Geode Capital Management LLC raised its position 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. 86.95% of the stock is owned by institutional investors.
About Cartesian Therapeutics
(
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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.
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