Cartesian Therapeutics (NASDAQ:RNAC) Shares Down 7.3% – Should You Sell?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC)’s stock price was down 7.3% during mid-day trading on Thursday . The stock traded as low as $21.55 and last traded at $22.05. Approximately 15,699 shares traded hands during trading, a decline of 84% from the average daily volume of 96,723 shares. The stock had previously closed at $23.79.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RNAC shares. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. Cantor Fitzgerald raised shares of Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Cartesian Therapeutics Stock Performance

The company has a market capitalization of $474.97 million, a PE ratio of -0.35 and a beta of 0.59. The stock’s fifty day simple moving average is $20.61 and its 200-day simple moving average is $19.70.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, insider Milos Miljkovic sold 35,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $16.13, for a total value of $564,550.00. Following the sale, the insider now directly owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. This trade represents a 65.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Metin Kurtoglu sold 25,900 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $16.44, for a total transaction of $425,796.00. Following the transaction, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at $838,982.52. This trade represents a 33.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,089 shares of company stock valued at $2,169,555. Company insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors have recently added to or reduced their stakes in RNAC. Vanguard Group Inc. acquired a new position in shares of Cartesian Therapeutics in the 1st quarter valued at about $4,105,000. FMR LLC raised its holdings in Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company’s stock valued at $45,972,000 after buying an additional 2,341,054 shares during the period. Great Point Partners LLC acquired a new position in Cartesian Therapeutics during the third quarter valued at approximately $3,224,000. Logos Global Management LP purchased a new stake in Cartesian Therapeutics during the second quarter worth approximately $2,431,000. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Cartesian Therapeutics in the second quarter worth $855,000. 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.