Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a $45.00 price objective on the stock.

A number of other research firms have also recently commented on RNAC. TD Cowen initiated coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a buy rating on the stock. Canaccord Genuity Group raised their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Needham & Company LLC dropped their target price on Cartesian Therapeutics from $42.00 to $41.00 and set a buy rating for the company in a research report on Friday, August 9th. Mizuho began coverage on shares of Cartesian Therapeutics in a research report on Friday, May 24th. They set a buy rating and a $40.00 price target on the stock. Finally, Oppenheimer cut shares of Cartesian Therapeutics from an outperform rating to a market perform rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $43.00.

Cartesian Therapeutics Price Performance

Shares of NASDAQ:RNAC opened at $12.98 on Wednesday. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $42.60. The business has a 50-day moving average price of $15.53 and a 200 day moving average price of $20.22.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to analysts’ expectations of $6.00 million. Equities analysts predict that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Timothy A. Springer bought 8,016 shares of Cartesian Therapeutics stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $12.72 per share, with a total value of $101,963.52. Following the completion of the acquisition, the director now directly owns 11,509 shares in the company, valued at $146,394.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 61.10% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of large investors have recently modified their holdings of RNAC. SG Americas Securities LLC purchased a new stake in shares of Cartesian Therapeutics during the 1st quarter worth $31,000. American International Group Inc. purchased a new stake in Cartesian Therapeutics during the 1st quarter worth about $37,000. BNP Paribas Financial Markets purchased a new stake in Cartesian Therapeutics during the 1st quarter worth about $38,000. Point72 DIFC Ltd acquired a new position in shares of Cartesian Therapeutics during the 2nd quarter worth about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cartesian Therapeutics in the 2nd quarter valued at about $49,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

Cartesian Therapeutics Company Profile

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.