Cartesian Therapeutics (NASDAQ:RNAC) Earns Buy Rating from Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $40.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 443.11% from the stock’s current price.

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

Cartesian Therapeutics Stock Up 0.1%

Cartesian Therapeutics stock traded up $0.01 during midday trading on Tuesday, hitting $7.37. The company’s stock had a trading volume of 61,411 shares, compared to its average volume of 198,908. The stock’s 50-day moving average price is $8.55 and its 200-day moving average price is $7.96. Cartesian Therapeutics has a 12 month low of $5.60 and a 12 month high of $11.00. The company has a market capitalization of $222.79 million, a PE ratio of -1.24 and a beta of 0.65.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of ($0.88) by $1.34. As a group, equities analysts anticipate that Cartesian Therapeutics will post -3.15 EPS for the current year.

Institutional Trading of Cartesian Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC raised its holdings in Cartesian Therapeutics by 0.7% during the 2nd 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 during the period. Bank of New York Mellon Corp acquired a new stake in Cartesian Therapeutics during the 2nd quarter worth about $332,000. Renaissance Technologies LLC raised its holdings in Cartesian Therapeutics by 63.7% during the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after buying an additional 26,200 shares during the period. Sei Investments Co. acquired a new position in shares of Cartesian Therapeutics in the 1st quarter valued at about $78,000. Finally, 683 Capital Management LLC increased its holdings in shares of Cartesian Therapeutics by 21.7% in the 4th quarter. 683 Capital Management LLC now owns 280,000 shares of the company’s stock valued at $2,019,000 after purchasing an additional 50,000 shares during the period. Institutional investors and hedge funds 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.