Cartesian Therapeutics’ (RNAC) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report issued on Wednesday, Benzinga reports. They currently have a $41.00 price target on the stock.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group boosted their price target on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. HC Wainwright reissued a “buy” rating and set a $45.00 target price on shares of Cartesian Therapeutics in a report on Friday, September 13th. Oppenheimer lowered Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. Finally, TD Cowen assumed coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.00.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC opened at $21.88 on Wednesday. The stock has a fifty day simple moving average of $16.36 and a two-hundred day simple moving average of $19.86. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.81) by $1.35. The firm had revenue of $33.45 million for the quarter, compared to the consensus estimate of $6.00 million. Equities research analysts expect that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

Insider Activity at Cartesian Therapeutics

In related news, Director Timothy A. Springer acquired 80,301 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were bought at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the transaction, the director now owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Timothy A. Springer purchased 8,016 shares of the stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $12.72 per share, for a total transaction of $101,963.52. Following the completion of the transaction, the director now directly owns 11,509 shares of the company’s stock, valued at approximately $146,394.48. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy A. Springer acquired 80,301 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was purchased at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the acquisition, the director now directly owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 93,831 shares of company stock valued at $2,010,993. Company insiders own 61.10% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of large investors have recently modified their holdings of RNAC. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics during the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Cartesian Therapeutics during the 2nd quarter valued at $49,000. Cubist Systematic Strategies LLC purchased a new position in Cartesian Therapeutics in the 2nd quarter worth $351,000. Marshall Wace LLP bought a new stake in Cartesian Therapeutics in the second quarter worth $811,000. Finally, Lake Street Advisors Group LLC purchased a new stake in Cartesian Therapeutics during the second quarter valued at about $855,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.