Cartesian Therapeutics (NASDAQ:RNAC) Now Covered by BTIG Research

BTIG Research initiated coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note published on Thursday morning, Marketbeat reports. The brokerage issued a buy rating and a $42.00 price objective on the stock.

A number of other research firms have also recently commented on RNAC. Needham & Company LLC restated a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.86.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ RNAC opened at $19.02 on Thursday. The company has a market capitalization of $483.39 million, a PE ratio of -0.36 and a beta of 0.59. The company’s fifty day moving average price is $20.10 and its 200 day moving average price is $19.08. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87.

Insider Buying and Selling

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 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, with a total value of $95,833.32. Following the completion of the purchase, the director now owns 7,823,559 shares in the company, valued at approximately $135,973,455.42. This represents a 0.07 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Metin Kurtoglu sold 25,900 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $838,982.52. This represents a 33.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,089 shares of company stock worth $2,169,555. 57.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cartesian Therapeutics

Large investors have recently made changes to their positions in the stock. Lake Street Advisors Group LLC acquired a new position in Cartesian Therapeutics during the second quarter worth $855,000. Logos Global Management LP acquired a new position in shares of Cartesian Therapeutics during the 2nd quarter valued at about $2,431,000. Marshall Wace LLP purchased a new stake in shares of Cartesian Therapeutics in the second quarter valued at about $811,000. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics during the second quarter worth about $47,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Cartesian Therapeutics during the second quarter worth about $351,000. 86.95% of the stock is currently 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.