Cartesian Therapeutics (NASDAQ:RNAC) Stock Keeps “Buy” Rating at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $40.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 443.48% from the stock’s current price.

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

Cartesian Therapeutics Trading Up 1.9%

RNAC stock traded up $0.14 during midday trading on Tuesday, hitting $7.36. The stock had a trading volume of 200,377 shares, compared to its average volume of 199,645. The firm has a market cap of $222.64 million, a P/E ratio of -1.24 and a beta of 0.65. Cartesian Therapeutics has a 1-year low of $5.60 and a 1-year high of $11.00. The business has a fifty day moving average price of $8.56 and a two-hundred day moving average price of $7.96.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.88) by $1.34. On average, equities analysts anticipate that Cartesian Therapeutics will post -3.15 EPS for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 683 Capital Management LLC boosted its holdings in Cartesian Therapeutics by 21.7% during the fourth quarter. 683 Capital Management LLC now owns 280,000 shares of the company’s stock worth $2,019,000 after purchasing an additional 50,000 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Cartesian Therapeutics during the second quarter worth about $332,000. Renaissance Technologies LLC boosted its holdings in Cartesian Therapeutics by 63.7% during the first quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after purchasing an additional 26,200 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Cartesian Therapeutics by 0.7% during the second quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock worth $23,493,000 after purchasing an additional 16,133 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in Cartesian Therapeutics during the first quarter worth about $78,000. 86.95% of the stock is owned by institutional investors.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company developing cell therapies for autoimmune diseases. Its research focuses on mRNA cell therapy, an approach designed to program a patient’s own immune cells to target disease-related proteins while enabling transient expression of the therapeutic construct.

The company’s lead program, Descartes-08, is an autologous anti-BCMA CAR T-cell therapy that uses mRNA to direct T cells against B-cell maturation antigen.