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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $41.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 98.74% from the stock’s current price.

Several other research firms have also weighed in on RNAC. Oppenheimer lowered shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Cartesian Therapeutics in a report on Friday, September 13th. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating on the stock. Finally, Canaccord Genuity Group boosted their target price on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Stock Performance

RNAC opened at $20.63 on Wednesday. Cartesian Therapeutics has a twelve month low of $11.66 and a twelve month high of $42.60. The firm’s 50-day moving average price is $16.21 and its 200 day moving average price is $19.85.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of ($0.81) by $1.35. The firm had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million. As a group, sell-side analysts predict that Cartesian Therapeutics will post 3.99 earnings per share for the current year.

Insider Transactions at Cartesian Therapeutics

In related news, Director Timothy A. Springer acquired 5,514 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the acquisition, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cartesian Therapeutics news, Director Timothy A. Springer bought 8,016 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $12.72 per share, with a total value of $101,963.52. Following the purchase, the director now directly owns 11,509 shares in the company, valued at approximately $146,394.48. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Timothy A. Springer bought 5,514 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average cost of $17.38 per share, for a total transaction of $95,833.32. Following the completion of the purchase, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 93,831 shares of company stock worth $2,010,993. 57.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new stake in Cartesian Therapeutics during the 2nd quarter worth approximately $47,000. Cubist Systematic Strategies LLC purchased a new stake in Cartesian Therapeutics during the 2nd quarter worth approximately $351,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at approximately $49,000. Logos Global Management LP purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at approximately $2,431,000. Finally, Marshall Wace LLP purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at approximately $811,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.