Cartesian Therapeutics’ (RNAC) Buy Rating Reaffirmed at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $40.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 455.56% from the company’s current price.

A number of other research analysts have also recently issued reports on RNAC. Zacks Research upgraded Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Wall Street Zen raised shares of Cartesian Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Wedbush restated an “outperform” rating and issued a $38.00 price target on shares of Cartesian Therapeutics in a research note on Tuesday, August 18th. BTIG Research reaffirmed a “buy” rating and set a $44.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, June 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Cartesian Therapeutics Trading Down 0.1%

RNAC stock traded down $0.01 during trading hours on Tuesday, hitting $7.20. 56,986 shares of the stock were exchanged, compared to its average volume of 199,378. Cartesian Therapeutics has a 12 month low of $5.60 and a 12 month high of $11.00. The firm has a market capitalization of $217.80 million, a P/E ratio of -1.21 and a beta of 0.62. The company has a 50-day simple moving average of $8.61 and a two-hundred day simple moving average of $7.97.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.88) by $1.34. On average, equities research analysts predict that Cartesian Therapeutics will post -3.15 earnings per share for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. bought a new stake in shares of Cartesian Therapeutics during the 1st quarter valued at about $78,000. Miller Financial Services LLC lifted its position 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 valued at $98,000 after acquiring an additional 2,000 shares during the period. Bank of New York Mellon Corp bought a new position in Cartesian Therapeutics during the second quarter worth $332,000. Renaissance Technologies LLC grew 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 purchasing an additional 26,200 shares during the period. Finally, Erste Asset Management GmbH increased its stake in Cartesian Therapeutics by 4.5% in the fourth quarter. Erste Asset Management GmbH now owns 271,705 shares of the company’s stock valued at $1,956,000 after purchasing an additional 11,694 shares in the last quarter. Institutional investors and hedge funds own 86.95% of the company’s stock.

Cartesian Therapeutics Company Profile

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.