Cartesian Therapeutics' (RNAC) Buy Rating Reaffirmed at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $41.00 price objective on the stock. Needham & Company LLC's price objective would suggest a potential upside of 123.43% from the company's current price.

Several other equities research analysts have also issued reports on RNAC. HC Wainwright reduced their price target on Cartesian Therapeutics from $45.00 to $41.00 and set a "buy" rating for the company in a report on Friday, November 8th. TD Cowen began coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $42.33.

Cartesian Therapeutics Stock Down 2.8 %

NASDAQ RNAC traded down $0.52 during trading hours on Monday, hitting $18.35. The company had a trading volume of 90,320 shares, compared to its average volume of 95,687. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The firm has a market cap of $466.46 million, a P/E ratio of -0.36 and a beta of 0.63. The business has a fifty day simple moving average of $19.50 and a 200-day simple moving average of $20.00.

Insider Activity at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 25,900 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $16.44, for a total value of $425,796.00. Following the completion of the transaction, the chief technology officer now directly owns 51,033 shares of the company's stock, valued at approximately $838,982.52. This trade represents a 33.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy A. Springer acquired 80,301 shares of the 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 transaction, the director now owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This represents a 1.01 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 128,089 shares of company stock valued at $2,169,555 in the last 90 days. 57.90% of the stock is owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Artal Group S.A. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $5,939,000. Vanguard Group Inc. purchased a new stake in shares of Cartesian Therapeutics during the first quarter worth $4,105,000. FMR LLC increased its holdings in shares of Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company's stock worth $45,972,000 after purchasing an additional 2,341,054 shares during the period. Great Point Partners LLC bought a new position in Cartesian Therapeutics in the third quarter valued at $3,224,000. Finally, Logos Global Management LP bought a new position in Cartesian Therapeutics in the second quarter valued at $2,431,000. 86.95% of the stock is 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.