Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Stock Has Consensus Target Price of $32.60 According to Brokerages

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $32.60.

RNAC has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cartesian Therapeutics in a research note on Wednesday, September 9th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, September 29th. Wall Street Zen upgraded shares of Cartesian Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Cartesian Therapeutics in a research note on Wednesday, September 30th. Finally, 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.

Cartesian Therapeutics Price Performance

Shares of RNAC traded down $0.21 during mid-day trading on Tuesday, reaching $6.78. 11,029 shares of the company’s stock traded hands, compared to its average volume of 197,220. The stock has a market cap of $205.03 million, a P/E ratio of -1.14 and a beta of 0.65. Cartesian Therapeutics has a 12 month low of $5.60 and a 12 month high of $11.00. The stock’s 50-day moving average is $8.46 and its two-hundred day moving average is $7.97.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of ($0.88) by $1.34. Research analysts predict that Cartesian Therapeutics will post -3.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. purchased a new stake in shares of Cartesian Therapeutics during the first quarter worth $78,000. Bank of New York Mellon Corp acquired a new stake in shares of Cartesian Therapeutics in the second quarter valued at about $332,000. Renaissance Technologies LLC lifted its stake in shares of 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 buying an additional 26,200 shares in the last quarter. 683 Capital Management LLC lifted its stake in shares of Cartesian Therapeutics by 21.7% in the fourth quarter. 683 Capital Management LLC now owns 280,000 shares of the company’s stock worth $2,019,000 after buying an additional 50,000 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of Cartesian Therapeutics by 0.7% in the second quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock worth $23,493,000 after buying an additional 16,133 shares in the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. The company’s platform is designed to genetically program a patient’s own T cells with messenger RNA, enabling the development of transiently engineered cell therapies that may be administered without permanent genetic modification.

Cartesian’s lead product candidate is Descartes-08, an autologous anti-BCMA CAR T-cell therapy being developed for autoimmune conditions, including generalized myasthenia gravis and systemic lupus erythematosus.