Cartesian Therapeutics (NASDAQ:RNAC) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note published on Monday morning,Benzinga reports. The firm currently has a $42.00 price objective on the stock.

RNAC has been the subject of a number of other reports. BTIG Research increased their price target on shares of Cartesian Therapeutics from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Cantor Fitzgerald raised Cartesian Therapeutics from a “neutral” rating to an “overweight” rating and set a $16.00 price objective on the stock in a research report on Monday. HC Wainwright reduced their target price on Cartesian Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cartesian Therapeutics in a research note on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cartesian Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Cartesian Therapeutics Trading Up 31.7%

NASDAQ:RNAC opened at $9.02 on Monday. The company has a 50-day moving average price of $7.21 and a 200-day moving average price of $8.17. The stock has a market cap of $234.52 million, a price-to-earnings ratio of -5.78 and a beta of 0.41. Cartesian Therapeutics has a 12 month low of $5.98 and a 12 month high of $18.80.

Insider Transactions at Cartesian Therapeutics

In related news, CFO Blaine Davis sold 10,591 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $6.82, for a total transaction of $72,230.62. Following the sale, the chief financial officer owned 121,220 shares of the company’s stock, valued at $826,720.40. The trade was a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 60.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. 683 Capital Management LLC boosted its position in shares of Cartesian Therapeutics by 46.0% in the 2nd quarter. 683 Capital Management LLC now owns 219,000 shares of the company’s stock worth $2,275,000 after purchasing an additional 69,000 shares in the last quarter. Miller Financial Services LLC bought a new position in Cartesian Therapeutics during the 2nd quarter valued at approximately $121,000. Bank of America Corp DE increased its position in Cartesian Therapeutics by 133.0% during the 2nd quarter. Bank of America Corp DE now owns 13,933 shares of the company’s stock valued at $145,000 after buying an additional 7,952 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Cartesian Therapeutics during the fourth quarter valued at $131,000. Finally, Jain Global LLC purchased a new position in Cartesian Therapeutics during the fourth quarter valued at $121,000. Institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, trading on NASDAQ under the symbol RNAC, is a clinical‐stage biotechnology company specializing in the development of messenger RNA (mRNA)-based therapeutics. The company leverages a proprietary RNA delivery platform to induce the production of therapeutic proteins within patients, aiming to address a range of diseases through in vivo expression of disease-modifying agents. Cartesian’s technology is designed to optimize mRNA stability, translation efficiency and targeted delivery, with potential applications spanning oncology, autoimmune disorders and rare genetic conditions.

At the core of Cartesian’s approach is a synthetic mRNA platform that incorporates proprietary lipid nanoparticle (LNP) formulations.