Needham & Company LLC reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC - Free Report) in a research note published on Friday morning,Benzinga reports. The firm currently has a $41.00 price target on the stock.
Several other brokerages also recently weighed in on RNAC. TD Cowen assumed coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a "buy" rating for the company. HC Wainwright restated a "buy" rating and set a $45.00 price target on shares of Cartesian Therapeutics in a report on Friday, September 13th. One equities research analyst has rated the stock with a hold rating and seven have issued 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.
Check Out Our Latest Analysis on RNAC
Cartesian Therapeutics Stock Performance
Shares of NASDAQ RNAC traded down $0.23 during mid-day trading on Friday, hitting $20.55. 90,165 shares of the stock were exchanged, compared to its average volume of 92,722. The stock's fifty day simple moving average is $18.71 and its two-hundred day simple moving average is $20.36. Cartesian Therapeutics has a twelve month low of $11.66 and a twelve month high of $42.60.
Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.81) by $1.35. The firm had revenue of $33.45 million for the quarter, compared to analyst estimates of $6.00 million. On average, equities analysts forecast that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 8,016 shares of the business's stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $12.72 per share, with a total value of $101,963.52. Following the purchase, the director now owns 11,509 shares of the company's stock, valued at approximately $146,394.48. This trade represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 8,016 shares of the company's stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $12.72 per share, for a total transaction of $101,963.52. Following the acquisition, the director now owns 11,509 shares in the company, valued at $146,394.48. This represents a 200.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Timothy A. Springer bought 5,514 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average price of $17.38 per share, with a total value of $95,833.32. Following the acquisition, the director now owns 7,823,559 shares of the company's stock, valued at $135,973,455.42. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 93,831 shares of company stock worth $2,010,993. Corporate insiders own 57.90% of the company's stock.
Hedge Funds Weigh In On Cartesian Therapeutics
Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in shares of Cartesian Therapeutics during the first quarter valued at approximately $31,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics during the first quarter valued at approximately $37,000. BNP Paribas Financial Markets bought a new position in Cartesian Therapeutics during the first quarter valued at approximately $38,000. Point72 DIFC Ltd purchased a new stake in Cartesian Therapeutics in the second quarter worth approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cartesian Therapeutics during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 86.95% of the company's stock.
About Cartesian Therapeutics
(
Get Free Report)
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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