Cartesian Therapeutics (NASDAQ:RNAC) Stock Rating Upgraded by Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Cartesian Therapeutics (NASDAQ:RNAC) to a hold rating in a research note released on Monday,Zacks.com reports.

RNAC has been the subject of a number of other research reports. TD Cowen began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a “buy” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $41.00 target price on shares of Cartesian Therapeutics in a research report on Monday, November 25th. Finally, HC Wainwright lowered their price target on Cartesian Therapeutics from $45.00 to $41.00 and set a “buy” rating for the company in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.33.

Cartesian Therapeutics Stock Performance

NASDAQ:RNAC traded up $0.74 during trading hours on Monday, reaching $19.57. The company’s stock had a trading volume of 176,215 shares, compared to its average volume of 116,453. The company has a market capitalization of $497.47 million, a P/E ratio of -0.37 and a beta of 0.60. The stock has a 50 day moving average price of $19.80 and a two-hundred day moving average price of $19.77. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $41.87.

Insider Activity

In related news, Director Timothy A. Springer bought 80,301 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were bought at an average price of $22.58 per share, with a total value of $1,813,196.58. Following the completion of the transaction, the director now directly owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. This represents a 1.01 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $564,550.00. Following the completion of the transaction, the insider now directly owns 18,273 shares of the company’s stock, valued at approximately $294,743.49. This represents a 65.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,089 shares of company stock worth $2,169,555 over the last ninety days. Corporate insiders own 57.90% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its stake in shares of 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 acquired a new stake in shares of Cartesian Therapeutics in the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $49,000. Barclays PLC raised its position in shares of Cartesian Therapeutics by 208.6% during the 3rd quarter. Barclays PLC now owns 11,611 shares of the company’s stock worth $188,000 after purchasing an additional 7,849 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Cartesian Therapeutics in the 2nd quarter valued at approximately $351,000. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

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.