HC Wainwright Cuts Cartesian Therapeutics (NASDAQ:RNAC) Price Target to $40.00

Cartesian Therapeutics (NASDAQ:RNAC - Free Report) had its price objective reduced by HC Wainwright from $45.00 to $40.00 in a research note issued to investors on Friday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

RNAC has been the subject of several other research reports. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a "hold" rating in a report on Monday, December 2nd. Needham & Company LLC restated a "buy" rating and set a $41.00 price target on shares of Cartesian Therapeutics in a report on Thursday, March 13th. Finally, BTIG Research initiated coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They set a "buy" rating and a $42.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $42.14.

Cartesian Therapeutics Trading Up 1.1 %

NASDAQ:RNAC traded up $0.16 during mid-day trading on Friday, hitting $14.60. 156,613 shares of the company's stock were exchanged, compared to its average volume of 112,306. The company has a 50 day simple moving average of $18.51 and a 200-day simple moving average of $18.76. Cartesian Therapeutics has a fifty-two week low of $11.67 and a fifty-two week high of $41.87. The firm has a market capitalization of $371.06 million, a P/E ratio of -0.28 and a beta of 0.71.

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Insider Activity

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,417 shares of the business's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total transaction of $40,412.24. Following the completion of the sale, the chief technology officer now owns 64,716 shares in the company, valued at approximately $1,082,051.52. The trade was a 3.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Blaine Davis sold 4,028 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.83, for a total transaction of $67,791.24. Following the sale, the chief financial officer now owns 94,811 shares of the company's stock, valued at $1,595,669.13. This trade represents a 4.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,744 shares of company stock worth $247,337 in the last quarter. 57.90% of the stock is owned by corporate insiders.

Institutional Trading of Cartesian Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in Cartesian Therapeutics by 458.3% during the 3rd quarter. FMR LLC now owns 2,851,830 shares of the company's stock valued at $45,972,000 after purchasing an additional 2,341,054 shares in the last quarter. BNP Paribas Financial Markets increased 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 valued at $27,000 after purchasing an additional 909 shares in the last quarter. State Street Corp boosted its holdings in Cartesian Therapeutics by 2.5% during the 3rd quarter. State Street Corp now owns 157,495 shares of the company's stock worth $2,539,000 after acquiring an additional 3,830 shares during the last quarter. Great Point Partners LLC purchased a new position in Cartesian Therapeutics during the 3rd quarter worth $3,224,000. Finally, Barclays PLC boosted its holdings in Cartesian Therapeutics by 208.6% during the 3rd quarter. Barclays PLC now owns 11,611 shares of the company's stock worth $188,000 after acquiring an additional 7,849 shares during the last quarter. Institutional investors own 86.95% of the company's stock.

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.