Brokerages Set Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Price Target at $42.86

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been given a consensus recommendation of “Moderate Buy” by the ten research firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $42.86.

Several brokerages have recently weighed in on RNAC. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a research note on Monday, December 2nd. Needham & Company LLC reiterated a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research report on Monday, January 27th. HC Wainwright restated a “buy” rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, January 28th. Finally, BTIG Research started coverage on Cartesian Therapeutics in a research report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective on the stock.

Insider Activity at Cartesian Therapeutics

In other news, CTO Metin Kurtoglu sold 2,417 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $40,412.24. Following the transaction, the chief technology officer now directly owns 64,716 shares of the company’s stock, valued at approximately $1,082,051.52. This represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Blaine Davis sold 4,028 shares of the company’s stock in a transaction dated 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 in the company, valued at $1,595,669.13. This represents a 4.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 81,933 shares of company stock valued at $1,426,546 over the last quarter. 57.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in Cartesian Therapeutics during the second quarter valued at $351,000. FMR LLC grew its position in shares of Cartesian Therapeutics by 458.3% during the 3rd quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after acquiring an additional 2,341,054 shares during the period. 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 purchasing an additional 909 shares in the last quarter. Great Point Partners LLC acquired a new position in Cartesian Therapeutics in the 3rd quarter worth about $3,224,000. Finally, State Street Corp boosted its position in Cartesian Therapeutics by 2.5% during the third quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after purchasing an additional 3,830 shares in the last quarter. 86.95% of the stock is owned by hedge funds and other institutional investors.

Cartesian Therapeutics Trading Up 3.4 %

Shares of RNAC opened at $19.67 on Friday. The firm has a fifty day simple moving average of $18.99 and a two-hundred day simple moving average of $18.15. The firm has a market cap of $500.01 million, a PE ratio of -0.37 and a beta of 0.61. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $41.87.

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.