Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $43.00.

A number of analysts recently issued reports on RNAC shares. Needham & Company LLC dropped their price objective on Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Oppenheimer cut Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. Canaccord Genuity Group increased their price objective on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Mizuho started coverage on Cartesian Therapeutics in a report on Friday, May 24th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, TD Cowen started coverage on Cartesian Therapeutics in a report on Tuesday, August 6th. They set a “buy” rating on the stock.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 8,016 shares of the stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $12.72 per share, with a total value of $101,963.52. Following the acquisition, the director now directly owns 11,509 shares in the company, valued at approximately $146,394.48. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 the company. Artal Group S.A. purchased a new position in shares of Cartesian Therapeutics during the 1st quarter valued at about $5,939,000. Vanguard Group Inc. bought a new position in Cartesian Therapeutics during the 1st quarter worth approximately $4,105,000. Delphi Financial Group Inc. bought a new position in Cartesian Therapeutics during the 1st quarter worth approximately $430,000. Logos Global Management LP bought a new position in Cartesian Therapeutics during the 2nd quarter worth approximately $2,431,000. Finally, BNP Paribas Financial Markets bought a new position in Cartesian Therapeutics during the 1st quarter worth approximately $38,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

Cartesian Therapeutics Trading Down 4.4 %

RNAC stock opened at $16.01 on Thursday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The stock has a fifty day moving average of $15.19 and a 200-day moving average of $19.93.

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. Analysts anticipate that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

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.