Needham & Company LLC Reiterates “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $41.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 113.54% from the company’s current price.

RNAC has been the topic of several other reports. BTIG Research started coverage on shares of Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 target price on the stock. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Cartesian Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Price Performance

Shares of RNAC stock opened at $19.20 on Monday. The business has a 50-day moving average of $19.04 and a 200 day moving average of $17.94. The stock has a market capitalization of $488.06 million, a PE ratio of -0.36 and a beta of 0.56. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87.

Insider Buying and Selling

In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 2,458 shares of the stock in a transaction on Monday, January 6th. The stock was 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 approximately $1,047,802.14. This represents a 3.80 % 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 this link. Also, CFO Blaine Davis sold 4,028 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.83, for a total value of $67,791.24. Following the transaction, the chief financial officer now directly owns 94,811 shares of the company’s stock, valued at $1,595,669.13. This represents a 4.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 142,833 shares of company stock valued at $2,416,892 over the last three months. Corporate insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its holdings in shares of Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after acquiring an additional 909 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Cartesian Therapeutics in the second quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cartesian Therapeutics in the second quarter worth about $49,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Cartesian Therapeutics during the fourth quarter valued at approximately $97,000. Finally, Barclays PLC increased its position in shares of Cartesian Therapeutics by 208.6% during the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after acquiring an additional 7,849 shares in the last quarter. Hedge funds and other 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.