Cartesian Therapeutics (NASDAQ:RNAC) Stock Price Up 6% – Should You Buy?

Cartesian Therapeutics, Inc. (NASDAQ:RNAC)’s share price traded up 6% during mid-day trading on Wednesday . The stock traded as high as $21.28 and last traded at $21.28. 8,263 shares were traded during trading, a decline of 91% from the average session volume of 95,769 shares. The stock had previously closed at $20.08.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RNAC shares. Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a “hold” rating in a report on Monday. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Stock Up 4.6 %

The company has a 50 day simple moving average of $20.11 and a 200-day simple moving average of $19.77. The stock has a market cap of $584.91 million, a price-to-earnings ratio of -0.44 and a beta of 0.59.

Insider Activity

In related news, CTO Metin Kurtoglu sold 25,900 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the completion of the sale, the chief technology officer now owns 51,033 shares of the company’s stock, valued at $838,982.52. This represents a 33.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy A. Springer bought 80,301 shares of the business’s stock in a transaction on Friday, October 4th. The stock was acquired at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the acquisition, the director now directly owns 8,023,766 shares of the company’s stock, valued at $181,176,636.28. The trade was a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 128,089 shares of company stock worth $2,169,555. 57.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its position in Cartesian Therapeutics by 122.5% in the third 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 period. Point72 DIFC Ltd bought a new position in shares of Cartesian Therapeutics during the second quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $49,000. Geode Capital Management LLC lifted its position in Cartesian Therapeutics by 2.1% in 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 last quarter. Finally, State Street Corp boosted its stake in 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 and hedge funds 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.