Cartesian Therapeutics (NASDAQ:RNAC) Trading Up 7.2% – Here’s What Happened

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares shot up 7.2% during mid-day trading on Thursday . The stock traded as high as $19.80 and last traded at $19.80. 17,501 shares changed hands during trading, a decline of 83% from the average session volume of 100,456 shares. The stock had previously closed at $18.47.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RNAC. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a research report on Monday, December 2nd. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research note on Wednesday, December 4th. 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. Finally, BTIG Research started coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They issued a “buy” rating and a $42.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.86.

Cartesian Therapeutics Price Performance

The firm has a market cap of $502.96 million, a PE ratio of -0.37 and a beta of 0.59. The company has a 50-day simple moving average of $19.84 and a 200-day simple moving average of $18.64.

Insider Activity at Cartesian Therapeutics

In related news, insider Milos Miljkovic sold 35,000 shares of Cartesian Therapeutics stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.13, for a total transaction of $564,550.00. Following the completion of the sale, the insider now owns 18,273 shares in the company, valued at $294,743.49. This trade represents a 65.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Metin Kurtoglu sold 32,789 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $16.67, for a total transaction of $546,592.63. Following the completion of the sale, the chief technology officer now directly owns 51,033 shares of the company’s stock, valued at approximately $850,720.11. This trade represents a 39.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,089 shares of company stock worth $2,169,555 in the last quarter. 57.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNAC. Lake Street Advisors Group LLC purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $855,000. Logos Global Management LP purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth approximately $2,431,000. Marshall Wace LLP bought a new position in shares of Cartesian Therapeutics during the second quarter valued at approximately $811,000. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the second quarter worth approximately $47,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Cartesian Therapeutics during the second quarter worth $351,000. 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.