Cartesian Therapeutics’ (RNAC) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $42.00 price target on the stock.

A number of other equities research analysts have also weighed in on the stock. Leerink Partnrs reiterated an outperform rating on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. SVB Leerink began coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. They issued an outperform rating and a $39.00 price target for the company. Finally, HC Wainwright boosted their price target on shares of Cartesian Therapeutics from $2.00 to $54.00 and gave the company a buy rating in a report on Tuesday, April 23rd.

Cartesian Therapeutics Price Performance

RNAC traded up $0.17 on Wednesday, reaching $23.42. 3,996 shares of the company traded hands, compared to its average volume of 50,276. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60. The firm has a fifty day moving average price of $19.44.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($2.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($2.10). Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. The company had revenue of $8.27 million for the quarter. On average, equities analysts anticipate that Cartesian Therapeutics will post -3.21 earnings per share for the current fiscal year.

Insider Transactions at Cartesian Therapeutics

In other news, Director Timothy A. Springer acquired 21,612 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were purchased at an average price of $16.20 per share, with a total value of $350,114.40. Following the transaction, the director now directly owns 1,017,228 shares in the company, valued at $16,479,093.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 22,446 shares of company stock valued at $365,474 in the last 90 days. Insiders own 31.20% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $31,000. Hall Laurie J Trustee purchased a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $34,000. BNP Paribas Financial Markets purchased a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $38,000. Finally, Delphi Financial Group Inc. purchased a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at $430,000. Hedge funds and other 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.