Cartesian Therapeutics’ (RNAC) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note issued to investors on Wednesday,Benzinga reports. HC Wainwright currently has a $45.00 price target on the stock, up from their previous price target of $41.00.

A number of other equities research analysts have also issued reports on RNAC. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a report on Tuesday. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating on the stock. Finally, Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Stock Performance

RNAC stock opened at $22.00 on Wednesday. The firm has a market cap of $559.13 million, a P/E ratio of -0.42 and a beta of 0.59. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $41.87. The firm’s fifty day moving average is $19.99 and its 200 day moving average is $19.74.

Insider Transactions at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 5,514 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $17.38 per share, with a total value of $95,833.32. Following the transaction, the director now directly owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. The trade was a 0.07 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Metin Kurtoglu sold 32,789 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $16.67, for a total transaction of $546,592.63. Following the transaction, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $850,720.11. This trade represents a 39.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,089 shares of company stock valued at $2,169,555. Company insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Barclays PLC lifted its position in Cartesian Therapeutics by 208.6% during the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares during the period. Geode Capital Management LLC lifted its position in Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock valued at $2,188,000 after acquiring an additional 2,737 shares during the period. State Street Corp lifted its position in Cartesian Therapeutics by 2.5% during the 3rd quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after acquiring an additional 3,830 shares during the period. Great Point Partners LLC bought a new stake in Cartesian Therapeutics during the 3rd quarter valued at about $3,224,000. Finally, 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. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.