Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Stock Has Average Price Target of $32.60

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $32.60.

A number of research firms have weighed in on RNAC. Zacks Research upgraded Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, June 9th. Wall Street Zen raised Cartesian Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, BTIG Research reiterated a “buy” rating and issued a $44.00 target price on shares of Cartesian Therapeutics in a report on Tuesday, June 9th.

Cartesian Therapeutics Price Performance

NASDAQ:RNAC opened at $7.62 on Friday. Cartesian Therapeutics has a 1-year low of $5.60 and a 1-year high of $11.00. The company has a 50-day moving average of $8.65 and a 200 day moving average of $7.99. The firm has a market cap of $230.50 million, a PE ratio of -1.28 and a beta of 0.62.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of ($0.88) by $1.34. Sell-side analysts anticipate that Cartesian Therapeutics will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $332,000. Squarepoint Ops LLC raised its stake in Cartesian Therapeutics by 0.7% in the second quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock valued at $23,493,000 after buying an additional 16,133 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Cartesian Therapeutics by 63.7% in the first quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after acquiring an additional 26,200 shares in the last quarter. Sei Investments Co. acquired a new stake in Cartesian Therapeutics in the first quarter worth about $78,000. Finally, 683 Capital Management LLC grew its stake in shares of Cartesian Therapeutics by 21.7% during the fourth quarter. 683 Capital Management LLC now owns 280,000 shares of the company’s stock worth $2,019,000 after acquiring an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company developing cell therapies for autoimmune diseases. Its research focuses on mRNA cell therapy, an approach designed to program a patient’s own immune cells to target disease-related proteins while enabling transient expression of the therapeutic construct.

The company’s lead program, Descartes-08, is an autologous anti-BCMA CAR T-cell therapy that uses mRNA to direct T cells against B-cell maturation antigen.