Cartesian Therapeutics (NASDAQ:RNAC) Downgraded by Oppenheimer

Oppenheimer lowered shares of Cartesian Therapeutics (NASDAQ:RNAC) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, MarketBeat reports.

RNAC has been the topic of a number of other reports. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 price target on shares of Cartesian Therapeutics in a research note on Monday. SVB Leerink initiated coverage on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. They issued an outperform rating and a $39.00 price target on the stock. Leerink Partnrs reaffirmed an outperform rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. Mizuho initiated coverage on shares of Cartesian Therapeutics in a research note on Friday, May 24th. They issued a buy rating and a $40.00 price target on the stock. Finally, HC Wainwright reaffirmed a buy rating and issued a $54.00 price target on shares of Cartesian Therapeutics in a research note on Monday, June 17th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $43.83.

Cartesian Therapeutics Stock Performance

RNAC opened at $17.62 on Tuesday. The stock has a fifty day moving average of $25.93 and a 200-day moving average of $22.38. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). The firm had revenue of $5.84 million during the quarter. On average, sell-side analysts anticipate that Cartesian Therapeutics will post 2.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. acquired a new position in Cartesian Therapeutics during the first quarter worth $4,105,000. American International Group Inc. acquired a new position in Cartesian Therapeutics during the first quarter worth $37,000. SG Americas Securities LLC bought a new stake in Cartesian Therapeutics during the first quarter valued at about $31,000. Artal Group S.A. bought a new stake in Cartesian Therapeutics during the first quarter valued at about $5,939,000. Finally, BNP Paribas Financial Markets bought a new stake in Cartesian Therapeutics during the first quarter valued at about $38,000. 86.95% of the stock is owned by institutional investors and hedge funds.

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.