Cartesian Therapeutics (NASDAQ:RNAC) Earns “Buy” Rating from HC Wainwright

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $45.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 131.72% from the company’s previous close.

Several other research firms also recently commented on RNAC. Needham & Company LLC reissued a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research report on Monday. BTIG Research began coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald raised Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.86.

Cartesian Therapeutics Stock Up 1.1 %

Shares of RNAC opened at $19.42 on Tuesday. The business’s fifty day moving average is $19.04 and its 200 day moving average is $17.95. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $41.87. The stock has a market cap of $493.66 million, a P/E ratio of -0.37 and a beta of 0.56.

Insider Buying and Selling

In other news, CFO Blaine Davis sold 3,961 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Metin Kurtoglu sold 2,417 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.72, for a total value of $40,412.24. Following the sale, the chief technology officer now owns 64,716 shares in the company, valued at approximately $1,082,051.52. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,833 shares of company stock valued at $2,416,892. 57.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP purchased a new stake in Cartesian Therapeutics in the 2nd quarter worth approximately $811,000. Cubist Systematic Strategies LLC bought a new position in shares of Cartesian Therapeutics in the second quarter worth approximately $351,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cartesian Therapeutics in the second quarter valued at approximately $49,000. Logos Global Management LP bought a new stake in Cartesian Therapeutics during the second quarter valued at approximately $2,431,000. Finally, Point72 DIFC Ltd purchased a new position in Cartesian Therapeutics in the 2nd quarter worth approximately $47,000. 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.