BTIG Research Initiates Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

BTIG Research began coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report released on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $42.00 target price on the stock.

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

Cartesian Therapeutics Stock Up 2.0 %

RNAC stock traded up $0.38 on Thursday, reaching $19.65. 17,210 shares of the company’s stock were exchanged, compared to its average volume of 98,126. The stock has a fifty day moving average of $20.16 and a 200-day moving average of $19.31. Cartesian Therapeutics has a twelve month low of $11.66 and a twelve month high of $41.87. The firm has a market cap of $499.40 million, a PE ratio of -0.37 and a beta of 0.59.

Insider Activity

In other news, CTO Metin Kurtoglu sold 32,789 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $16.67, for a total value of $546,592.63. Following the completion of the sale, the chief technology officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy A. Springer acquired 80,301 shares of the stock in a transaction on Friday, October 4th. The shares were acquired at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the purchase, the director now owns 8,023,766 shares in the company, valued at $181,176,636.28. This represents a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 128,089 shares of company stock worth $2,169,555. 57.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in Cartesian Therapeutics by 122.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company’s stock worth $27,000 after buying an additional 909 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at approximately $49,000. Geode Capital Management LLC increased its position in shares of Cartesian Therapeutics by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 135,700 shares of the company’s stock valued at $2,188,000 after purchasing an additional 2,737 shares during the period. Finally, State Street Corp increased its position in shares of Cartesian Therapeutics by 2.5% during the 3rd quarter. State Street Corp now owns 157,495 shares of the company’s stock valued at $2,539,000 after purchasing an additional 3,830 shares during the period. Institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Company Profile

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.