Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives $42.86 Average PT from Analysts

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $42.86.

Several brokerages have recently weighed in on RNAC. Cantor Fitzgerald upgraded Cartesian Therapeutics to a “hold” rating in a report on Monday, December 2nd. BTIG Research began coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Cartesian Therapeutics in a report on Monday, January 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Cartesian Therapeutics in a report on Tuesday, January 28th.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $19.67 on Friday. The stock has a market capitalization of $500.01 million, a P/E ratio of -0.37 and a beta of 0.61. The business has a 50 day simple moving average of $18.99 and a two-hundred day simple moving average of $18.15. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $41.87.

Insider Buying and Selling at Cartesian Therapeutics

In related news, CFO Blaine Davis sold 3,961 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $16.72, for a total transaction of $66,227.92. Following the transaction, the chief financial officer now owns 98,839 shares of the company’s stock, valued at $1,652,588.08. This represents a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Metin Kurtoglu sold 32,789 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $16.67, for a total transaction of $546,592.63. Following the transaction, the chief technology officer now directly owns 51,033 shares in the company, 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. In the last ninety days, insiders have sold 81,933 shares of company stock worth $1,426,546. 57.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its stake in Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock valued at $27,000 after buying an additional 909 shares in the last quarter. Virtus ETF Advisers LLC purchased a new stake in shares of Cartesian Therapeutics in the fourth quarter valued at $63,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cartesian Therapeutics by 22.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock valued at $82,000 after acquiring an additional 847 shares during the last quarter. Wells Fargo & Company MN increased its position in Cartesian Therapeutics by 112.7% during the 4th quarter. Wells Fargo & Company MN now owns 4,847 shares of the company’s stock worth $87,000 after purchasing an additional 2,568 shares in the last quarter. Finally, Corebridge Financial Inc. raised its stake in Cartesian Therapeutics by 32.6% in the 4th quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock valued at $92,000 after purchasing an additional 1,258 shares during the last quarter. 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.