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

by · The Markets Daily

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC – Free Report) in a research report report published on Tuesday,Benzinga reports. Needham & Company LLC currently has a $40.00 price target on the stock.

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

Check Out Our Latest Report on Cartesian Therapeutics

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $7.22 on Tuesday. The company has a 50-day simple moving average of $8.56 and a 200-day simple moving average of $7.96. The firm has a market capitalization of $218.41 million, a P/E ratio of -1.22 and a beta of 0.65. Cartesian Therapeutics has a one year low of $5.60 and a one year high of $11.00.

Cartesian Therapeutics (NASDAQ:RNAC – Get Free Report) last issued 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 -3.15 earnings per share for the current year.

Institutional Trading of Cartesian Therapeutics

Several institutional investors have recently modified their holdings of the company. Miller Financial Services LLC lifted its holdings in shares of Cartesian Therapeutics by 17.2% during the fourth quarter. Miller Financial Services LLC now owns 13,643 shares of the company’s stock valued at $98,000 after purchasing an additional 2,000 shares during the last quarter. Erste Asset Management GmbH increased its stake in Cartesian Therapeutics by 4.5% in the 4th quarter. Erste Asset Management GmbH now owns 271,705 shares of the company’s stock worth $1,956,000 after purchasing an additional 11,694 shares in the last quarter. Sei Investments Co. purchased a new position in Cartesian Therapeutics in the 1st quarter worth about $78,000. 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. Finally, Renaissance Technologies LLC lifted its stake in Cartesian Therapeutics by 63.7% during the first quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock valued at $414,000 after buying an additional 26,200 shares in the last quarter. Institutional investors and hedge funds own 86.95% of the company’s stock.

About Cartesian Therapeutics

(Get Free Report)

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.

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