Mizuho Begins Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

Mizuho began coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report sent to investors on Friday, Marketbeat reports. The brokerage issued a buy rating and a $40.00 price objective on the stock.

A number of other research analysts have also recently commented on the stock. SVB Leerink started coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. They issued an outperform rating and a $39.00 target price for the company. Leerink Partnrs restated an outperform rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. HC Wainwright reiterated a buy rating and set a $54.00 price target on shares of Cartesian Therapeutics in a report on Thursday. Finally, Needham & Company LLC reissued a buy rating and set a $42.00 price objective on shares of Cartesian Therapeutics in a report on Wednesday, May 8th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $43.75.

Cartesian Therapeutics Trading Down 3.5 %

Shares of RNAC stock opened at $24.57 on Friday. The company has a fifty day simple moving average of $20.74. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($2.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($2.10). Cartesian Therapeutics had a negative return on equity of 58.21% and a negative net margin of 983.93%. The business had revenue of $8.27 million for the quarter. Research analysts expect that Cartesian Therapeutics will post 1.71 EPS for the current year.

Insiders Place Their Bets

In related news, Director Timothy A. Springer acquired 21,612 shares of the stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $16.20 per share, for a total transaction of $350,114.40. Following the purchase, the director now directly owns 1,017,228 shares of the company’s stock, valued at approximately $16,479,093.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have acquired 22,446 shares of company stock worth $365,474. Corporate insiders own 61.10% of the company’s stock.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Cartesian Therapeutics in the first quarter worth approximately $31,000. Hall Laurie J Trustee acquired a new position in shares of Cartesian Therapeutics during the first quarter worth approximately $34,000. American International Group Inc. bought a new position in shares of Cartesian Therapeutics in the 1st quarter worth $37,000. BNP Paribas Financial Markets acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at $38,000. Finally, Delphi Financial Group Inc. acquired a new position in Cartesian Therapeutics during the first quarter worth $430,000. 86.95% of the stock is owned by institutional investors.

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.