Cartesian Therapeutics (NASDAQ:RNAC) Trading 6% Higher – Here’s What Happened

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares traded up 6% during trading on Wednesday . The stock traded as high as $21.28 and last traded at $21.28. 8,263 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 95,769 shares. The stock had previously closed at $20.08.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNAC. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 target price (up previously from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Price Performance

The business has a fifty day moving average of $20.11 and a 200-day moving average of $19.77. The stock has a market capitalization of $584.91 million, a price-to-earnings ratio of -0.44 and a beta of 0.59.

Insider Activity at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 32,789 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $16.67, for a total transaction of $546,592.63. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $850,720.11. This trade represents a 39.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Milos Miljkovic sold 35,000 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $16.13, for a total transaction of $564,550.00. Following the transaction, the insider now directly owns 18,273 shares in the company, valued at $294,743.49. The trade was a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,089 shares of company stock valued at $2,169,555 over the last ninety days. Insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in shares of Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after buying an additional 909 shares during the period. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics during the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics in the second quarter valued at approximately $49,000. Barclays PLC boosted its holdings in shares of Cartesian Therapeutics by 208.6% in the third quarter. Barclays PLC now owns 11,611 shares of the company’s stock valued at $188,000 after buying an additional 7,849 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Cartesian Therapeutics during the second quarter worth $351,000. Institutional investors and hedge funds 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.