Needham & Company LLC Reaffirms "Buy" Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $41.00 price objective on the stock. Needham & Company LLC's target price suggests a potential upside of 142.68% from the stock's current price.

A number of other research firms have also issued reports on RNAC. BTIG Research assumed coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They set a "buy" rating and a $42.00 price objective on the stock. Cantor Fitzgerald upgraded Cartesian Therapeutics to a "hold" rating in a research note on Monday, December 2nd. Finally, HC Wainwright restated a "buy" rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a research note on Tuesday, January 28th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Cartesian Therapeutics has an average rating of "Moderate Buy" and an average price target of $42.86.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock traded down $0.59 during trading on Thursday, reaching $16.90. The company had a trading volume of 54,105 shares, compared to its average volume of 110,507. The firm has a market capitalization of $429.39 million, a price-to-earnings ratio of -0.31 and a beta of 0.71. Cartesian Therapeutics has a 12-month low of $11.67 and a 12-month high of $41.87. The stock's 50 day moving average price is $18.60 and its two-hundred day moving average price is $18.70.

Insider Activity

In related news, CTO Metin Kurtoglu sold 2,458 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $41,368.14. Following the completion of the transaction, the chief technology officer now owns 62,258 shares in the company, valued at $1,047,802.14. This represents a 3.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Blaine Davis sold 3,961 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total value of $66,227.92. Following the completion of the sale, the chief financial officer now owns 98,839 shares of the company's stock, valued at $1,652,588.08. This trade represents a 3.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,744 shares of company stock valued at $247,337. 57.90% of the stock is currently owned by insiders.

Institutional Trading of Cartesian Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cartesian Therapeutics by 22.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company's stock worth $82,000 after acquiring an additional 847 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company's stock worth $27,000 after purchasing an additional 909 shares during the period. Rhumbline Advisers raised its stake in Cartesian Therapeutics by 10.0% during the 4th quarter. Rhumbline Advisers now owns 10,201 shares of the company's stock valued at $183,000 after purchasing an additional 927 shares during the period. Corebridge Financial Inc. raised its stake in Cartesian Therapeutics by 32.6% during the 4th quarter. Corebridge Financial Inc. now owns 5,122 shares of the company's stock valued at $92,000 after purchasing an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Cartesian Therapeutics by 44.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company's stock valued at $104,000 after purchasing an additional 1,789 shares in the last quarter. 86.95% of the stock is currently 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.

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