HC Wainwright Has Lowered Expectations for Cartesian Therapeutics (NASDAQ:RNAC) Stock Price

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) had its price target dropped by HC Wainwright from $45.00 to $41.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's target price points to a potential upside of 97.50% from the stock's previous close.

Several other research analysts have also issued reports on RNAC. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a "buy" rating on the stock. Needham & Company LLC restated a "buy" rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a research note on Friday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $42.33.

Cartesian Therapeutics Stock Performance

Shares of RNAC traded down $0.02 during mid-day trading on Friday, reaching $20.76. 97,995 shares of the company were exchanged, compared to its average volume of 92,758. The business has a 50 day simple moving average of $18.85 and a two-hundred day simple moving average of $20.38. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60. The stock has a market capitalization of $444.01 million, a PE ratio of -0.39 and a beta of 0.63.

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 business had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million. On average, analysts predict that Cartesian Therapeutics will post 3.99 EPS for the current year.

Insider Buying and Selling at Cartesian Therapeutics

In other news, Director Timothy A. Springer bought 5,514 shares of Cartesian Therapeutics stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average price of $17.38 per share, for a total transaction of $95,833.32. Following the purchase, the director now directly owns 7,823,559 shares in the company, valued at $135,973,455.42. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Timothy A. Springer purchased 5,514 shares of the business's stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average price of $17.38 per share, for a total transaction of $95,833.32. Following the purchase, the director now owns 7,823,559 shares of the company's stock, valued at $135,973,455.42. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Springer acquired 80,301 shares of the company's stock in a transaction on Friday, October 4th. The shares were acquired at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the acquisition, the director now owns 8,023,766 shares of the company's stock, valued at approximately $181,176,636.28. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have 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

Large investors have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new stake in Cartesian Therapeutics during the second quarter valued at $47,000. Cubist Systematic Strategies LLC purchased a new position in shares of Cartesian Therapeutics during the second quarter valued at approximately $351,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics in the 2nd quarter worth $49,000. Logos Global Management LP bought a new stake in shares of Cartesian Therapeutics during the second quarter valued at approximately $2,431,000. Finally, Marshall Wace LLP bought a new position in shares of Cartesian Therapeutics in the 2nd quarter worth about $811,000. 86.95% of the stock is owned by 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.