Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They presently have a $41.00 target price on the stock. Needham & Company LLC’s price target points to a potential upside of 330.67% from the company’s current price.

Several other analysts also recently commented on RNAC. BTIG Research assumed coverage on shares of Cartesian Therapeutics in a research report on Thursday, December 19th. They set a “buy” rating and a $42.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $40.00 price objective on shares of Cartesian Therapeutics in a research note on Wednesday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.14.

Cartesian Therapeutics Stock Down 5.8 %

Shares of NASDAQ RNAC opened at $9.52 on Wednesday. The company has a market capitalization of $246.63 million, a PE ratio of -0.18 and a beta of 0.55. Cartesian Therapeutics has a twelve month low of $5.00 and a twelve month high of $41.87. The firm has a fifty day simple moving average of $16.73 and a 200 day simple moving average of $18.55.

Institutional Trading of Cartesian Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in RNAC. MPM Bioimpact LLC grew its position in Cartesian Therapeutics by 14.6% in the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock worth $12,916,000 after purchasing an additional 91,716 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Cartesian Therapeutics by 0.9% during the third quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock valued at $4,981,000 after acquiring an additional 2,688 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cartesian Therapeutics by 63.0% during the fourth quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock worth $3,963,000 after acquiring an additional 85,557 shares during the period. State Street Corp lifted its holdings 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 acquiring an additional 3,830 shares during the period. Finally, 683 Capital Management LLC boosted its position in Cartesian Therapeutics by 65.7% in the fourth quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock worth $2,239,000 after purchasing an additional 49,569 shares during the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.