Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) shares shot up 7.2% on Thursday . The company traded as high as $19.80 and last traded at $19.80. 17,501 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 100,456 shares. The stock had previously closed at $18.47.
A number of research firms recently issued reports on RNAC. HC Wainwright reiterated a "buy" rating and set a $45.00 price objective (up from $41.00) on shares of Cartesian Therapeutics in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a "buy" rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a research report on Tuesday, December 3rd. BTIG Research assumed coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They set a "buy" rating and a $42.00 price target on the stock. Finally, Cantor Fitzgerald upgraded shares of Cartesian Therapeutics to a "hold" rating in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $42.86.
Read Our Latest Report on Cartesian Therapeutics
The business's 50-day simple moving average is $19.94 and its two-hundred day simple moving average is $18.72. The firm has a market cap of $497.88 million, a price-to-earnings ratio of -0.37 and a beta of 0.60.
In related news, CTO Metin Kurtoglu sold 25,900 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $16.44, for a total transaction of $425,796.00. Following the transaction, the chief technology officer now owns 51,033 shares in the company, valued at $838,982.52. The trade was a 33.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy A. Springer bought 80,301 shares of the business's stock in a transaction that occurred on Friday, October 4th. The shares were bought 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 $181,176,636.28. This represents a 1.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 128,089 shares of company stock worth $2,169,555 over the last three months. 57.90% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in shares of Cartesian Therapeutics by 122.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company's stock valued at $27,000 after buying an additional 909 shares during the period. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the second quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cartesian Therapeutics in the second quarter valued at approximately $49,000. Barclays PLC increased its holdings in shares of Cartesian Therapeutics by 208.6% during the third quarter. Barclays PLC now owns 11,611 shares of the company's stock valued at $188,000 after acquiring an additional 7,849 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Cartesian Therapeutics during the second quarter worth approximately $351,000. Institutional investors and hedge funds own 86.95% of the company's stock.
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.
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