Cartesian Therapeutics (NASDAQ:RNAC) Shares Gap Up - What's Next?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $18.57, but opened at $19.85. Cartesian Therapeutics shares last traded at $19.73, with a volume of 6,945 shares traded.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a "buy" rating for the company. HC Wainwright cut their target price on shares of Cartesian Therapeutics from $45.00 to $41.00 and set a "buy" rating for the company in a research report on Friday, November 8th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cartesian Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $42.33.

Cartesian Therapeutics Stock Down 5.5 %

The firm's 50-day simple moving average is $19.37 and its 200-day simple moving average is $20.19. The firm has a market capitalization of $446.12 million, a PE ratio of -0.36 and a beta of 0.63.

Insider Buying and Selling

In other news, CTO Metin Kurtoglu sold 25,900 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the completion of the transaction, the chief technology officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction that occurred on Thursday, November 14th. The shares were 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 $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,300 shares of company stock valued at $1,622,962 over the last ninety days. 57.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

Several large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in shares of Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company's stock valued at $27,000 after acquiring an additional 909 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of Cartesian Therapeutics during the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cartesian Therapeutics during the second quarter valued at approximately $49,000. Barclays PLC increased its position in shares of Cartesian Therapeutics by 208.6% during the third quarter. Barclays PLC now owns 11,611 shares of the company's stock valued at $188,000 after acquiring an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics during the second quarter valued at approximately $351,000. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

Cartesian Therapeutics Company Profile

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.