Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report published on Thursday morning,Benzinga reports. The brokerage currently has a $41.00 target price on the stock.

A number of other research analysts have also weighed in on RNAC. HC Wainwright restated a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, January 28th. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, BTIG Research initiated coverage on shares of Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.14.

Cartesian Therapeutics Price Performance

NASDAQ:RNAC opened at $15.80 on Thursday. The firm has a market capitalization of $401.56 million, a price-to-earnings ratio of -0.30 and a beta of 0.71. Cartesian Therapeutics has a one year low of $11.67 and a one year high of $41.87. The business has a fifty day moving average price of $18.57 and a 200-day moving average price of $18.73.

Insider Activity

In other Cartesian Therapeutics news, CFO Blaine Davis sold 3,961 shares of Cartesian Therapeutics stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $66,227.92. Following the transaction, the chief financial officer now directly owns 98,839 shares of the company’s stock, valued at approximately $1,652,588.08. The trade was a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Metin Kurtoglu sold 2,458 shares of Cartesian Therapeutics stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.83, for a total transaction of $41,368.14. Following the sale, the chief technology officer now owns 62,258 shares of the company’s stock, valued at $1,047,802.14. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,744 shares of company stock valued at $247,337. Corporate insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. MPM Bioimpact LLC raised its position in shares of Cartesian Therapeutics by 14.6% in the fourth 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 period. Nuveen Asset Management LLC grew its stake in Cartesian Therapeutics by 197.8% during the 4th quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company’s stock valued at $1,291,000 after acquiring an additional 47,889 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cartesian Therapeutics by 44.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company’s stock valued at $104,000 after buying an additional 1,789 shares during the period. Bank of America Corp DE grew its stake in shares of Cartesian Therapeutics by 54.4% in the 4th quarter. Bank of America Corp DE now owns 11,690 shares of the company’s stock valued at $209,000 after buying an additional 4,120 shares during the period. Finally, 683 Capital Management LLC lifted its holdings in shares of Cartesian Therapeutics by 65.7% in the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock worth $2,239,000 after acquiring an additional 49,569 shares during the last quarter. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.