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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They presently have a $42.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 150.30% from the company’s current price.

Other research analysts have also issued reports about the stock. Leerink Partnrs restated an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. HC Wainwright reduced their target price on Cartesian Therapeutics from $54.00 to $49.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Mizuho assumed coverage on Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 price target on the stock. SVB Leerink assumed coverage on Cartesian Therapeutics in a report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective for the company. Finally, Canaccord Genuity Group upped their price objective on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.83.

Cartesian Therapeutics Stock Performance

NASDAQ:RNAC opened at $16.78 on Monday. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60. The stock’s fifty day moving average price is $25.75 and its two-hundred day moving average price is $22.34.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly 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 for the quarter. On average, analysts expect that Cartesian Therapeutics will post 2.28 EPS for the current year.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds have recently bought and sold shares of RNAC. SG Americas Securities LLC purchased a new stake in Cartesian Therapeutics during the first quarter valued at about $31,000. Hall Laurie J Trustee bought a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $34,000. American International Group Inc. bought a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $37,000. BNP Paribas Financial Markets purchased a new stake in Cartesian Therapeutics during the 1st quarter valued at about $38,000. Finally, Delphi Financial Group Inc. bought a new position in Cartesian Therapeutics during the 1st quarter worth approximately $430,000. Institutional investors own 86.95% of the company’s stock.

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.