Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $43.00.

Several research firms have recently weighed in on RNAC. HC Wainwright reiterated a “buy” rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price objective on shares of Cartesian Therapeutics in a research report on Wednesday, October 16th. Finally, TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 80,301 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were acquired at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the purchase, the director now owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 80,301 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were acquired at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the purchase, the director now owns 8,023,766 shares of the company’s stock, valued at approximately $181,176,636.28. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Springer acquired 8,016 shares of Cartesian Therapeutics stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $12.72 per share, for a total transaction of $101,963.52. Following the completion of the purchase, the director now directly owns 11,509 shares of the company’s stock, valued at approximately $146,394.48. This represents a 200.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 93,831 shares of company stock worth $2,010,993. Corporate insiders own 57.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the 2nd quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Cartesian Therapeutics in the 2nd quarter valued at approximately $49,000. Cubist Systematic Strategies LLC bought a new position in Cartesian Therapeutics in the 2nd quarter valued at approximately $351,000. Marshall Wace LLP bought a new position in Cartesian Therapeutics during the 2nd quarter worth approximately $811,000. Finally, Lake Street Advisors Group LLC bought a new position in Cartesian Therapeutics during the 2nd quarter worth approximately $855,000. Institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ RNAC opened at $20.78 on Friday. The firm has a 50 day moving average price of $18.71 and a 200 day moving average price of $20.36. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The firm had revenue of $33.45 million for the quarter, compared to analyst estimates of $6.00 million. On average, sell-side analysts forecast that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

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.