Cartesian Therapeutics (NASDAQ:RNAC) Receives "Buy" Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $41.00 price target on the stock. Needham & Company LLC's target price would indicate a potential upside of 239.40% from the stock's previous close.

RNAC has been the subject of several other research reports. BTIG Research began coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They set a "buy" rating and a $42.00 price target for the company. HC Wainwright restated a "buy" rating and issued a $40.00 target price on shares of Cartesian Therapeutics in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.14.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock traded up $1.41 during trading on Wednesday, reaching $12.08. The company had a trading volume of 42,434 shares, compared to its average volume of 116,502. The firm's 50-day simple moving average is $16.06 and its 200 day simple moving average is $18.40. The firm has a market capitalization of $312.96 million, a PE ratio of -0.23 and a beta of 0.55. Cartesian Therapeutics has a 1-year low of $8.85 and a 1-year high of $41.87.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. MPM Bioimpact LLC increased its stake in shares of Cartesian Therapeutics by 14.6% in the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company's stock worth $12,916,000 after acquiring an additional 91,716 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cartesian Therapeutics by 63.0% during the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company's stock valued at $3,963,000 after acquiring an additional 85,557 shares during the last quarter. 683 Capital Management LLC grew its holdings in shares of Cartesian Therapeutics by 65.7% in the fourth quarter. 683 Capital Management LLC now owns 125,000 shares of the company's stock valued at $2,239,000 after purchasing an additional 49,569 shares during the period. Nuveen Asset Management LLC increased its position in Cartesian Therapeutics by 197.8% during the fourth quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company's stock worth $1,291,000 after purchasing an additional 47,889 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Cartesian Therapeutics by 50.6% during the fourth quarter. Northern Trust Corp now owns 95,030 shares of the company's stock worth $1,702,000 after purchasing an additional 31,915 shares during the period. Institutional investors and hedge funds own 86.95% of the company's stock.

About Cartesian Therapeutics

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.