Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Average Rating of “Moderate Buy” by Analysts

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $32.60.

A number of brokerages have commented on RNAC. Zacks Research raised Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a report on Wednesday, September 9th. Wedbush restated an “outperform” rating and set a $38.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, August 18th. Finally, Wall Street Zen raised shares of Cartesian Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th.

Hedge Funds Weigh In On Cartesian Therapeutics

Several large investors have recently modified their holdings of the business. 683 Capital Management LLC increased its position in shares of Cartesian Therapeutics by 21.7% during 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 last quarter. Bank of New York Mellon Corp bought a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $332,000. Renaissance Technologies LLC lifted its holdings in shares of Cartesian Therapeutics by 63.7% in the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after acquiring an additional 26,200 shares during the last quarter. Squarepoint Ops LLC boosted its stake in shares of 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 purchasing an additional 16,133 shares during the period. Finally, Sei Investments Co. purchased a new stake in Cartesian Therapeutics in the 1st quarter worth about $78,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock traded down $0.13 during midday trading on Friday, reaching $7.73. The company had a trading volume of 27,503 shares, compared to its average volume of 201,275. The stock has a fifty day moving average price of $8.73 and a 200 day moving average price of $7.97. The firm has a market cap of $233.86 million, a PE ratio of -1.31 and a beta of 0.62. Cartesian Therapeutics has a fifty-two week low of $5.60 and a fifty-two week high of $11.00.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of ($0.88) by $1.34. As a group, sell-side analysts forecast that Cartesian Therapeutics will post -3.11 EPS for the current year.

About Cartesian Therapeutics

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.