Cartesian Therapeutics (NASDAQ:RNAC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note released on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a $41.00 price objective on the stock.

RNAC has been the subject of a number of other research reports. TD Cowen began coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They issued a “buy” rating for the company. HC Wainwright reaffirmed a “buy” rating and set a $45.00 target price on shares of Cartesian Therapeutics in a research note on Friday, September 13th. Oppenheimer downgraded shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Finally, Canaccord Genuity Group lifted their price objective on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Cartesian Therapeutics Stock Up 6.1 %

Shares of NASDAQ:RNAC opened at $21.88 on Wednesday. The company has a 50-day moving average price of $16.36 and a 200-day moving average price of $19.86. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $42.60.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Cartesian Therapeutics during the first quarter valued at approximately $31,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics in the first quarter worth $37,000. BNP Paribas Financial Markets bought a new position in shares of Cartesian Therapeutics during the first quarter valued at $38,000. Point72 DIFC Ltd purchased a new stake in shares of Cartesian Therapeutics during the second quarter valued at $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Cartesian Therapeutics in the 2nd quarter worth about $49,000. 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.