Cartesian Therapeutics (NASDAQ:RNAC) Price Target Lowered to $40.00 at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC) had its target price decreased by equities research analysts at Needham & Company LLC from $42.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other analysts have also recently issued reports on the company. Cantor Fitzgerald upgraded Cartesian Therapeutics from a “neutral” rating to an “overweight” rating and set a $16.00 target price for the company in a report on Monday, March 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Cartesian Therapeutics in a report on Friday, March 27th. BTIG Research restated a “buy” rating on shares of Cartesian Therapeutics in a report on Monday, March 9th. Wedbush restated an “outperform” rating and issued a $38.00 target price on shares of Cartesian Therapeutics in a report on Friday, May 1st. Finally, HC Wainwright dropped their target price on Cartesian Therapeutics from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Cartesian Therapeutics Trading Down 5.5%

NASDAQ:RNAC traded down $0.37 during trading hours on Tuesday, hitting $6.38. The company had a trading volume of 174,452 shares, compared to its average volume of 178,423. The company has a 50-day moving average of $6.81 and a 200 day moving average of $7.13. The company has a market cap of $187.44 million, a P/E ratio of -1.08 and a beta of 0.58. Cartesian Therapeutics has a 1 year low of $5.60 and a 1 year high of $15.57.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its earnings results on Thursday, April 30th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.62). The business had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.22 million. On average, analysts forecast that Cartesian Therapeutics will post -4.02 earnings per share for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently modified their holdings of the business. AlphaQuest LLC grew its holdings in shares of Cartesian Therapeutics by 64.6% during the 3rd quarter. AlphaQuest LLC now owns 6,924 shares of the company’s stock worth $71,000 after purchasing an additional 2,717 shares during the period. R Squared Ltd purchased a new position in shares of Cartesian Therapeutics during the 4th quarter worth $74,000. Sei Investments Co. purchased a new position in shares of Cartesian Therapeutics during the 1st quarter worth $78,000. Wells Fargo & Company MN grew its holdings in shares of Cartesian Therapeutics by 49.2% during the 4th quarter. Wells Fargo & Company MN now owns 11,762 shares of the company’s stock worth $85,000 after purchasing an additional 3,878 shares during the period. Finally, Miller Financial Services LLC grew its holdings in shares of Cartesian Therapeutics by 17.2% during the 4th quarter. Miller Financial Services LLC now owns 13,643 shares of the company’s stock worth $98,000 after purchasing an additional 2,000 shares during the period. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

About Cartesian Therapeutics

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.