HC Wainwright Reaffirms "Buy" Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $25.00 price objective on the stock. HC Wainwright's target price suggests a potential upside of 246.26% from the stock's previous close.

A number of other analysts have also recently commented on RNAC. Needham & Company LLC reiterated a "buy" rating and set a $40.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, September 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. BTIG Research restated a "buy" rating and issued a $44.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, June 9th. Wall Street Zen upgraded Cartesian Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Wedbush restated an "outperform" rating and issued a $38.00 price target on shares of Cartesian Therapeutics in a research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $32.60.

Cartesian Therapeutics Price Performance

Cartesian Therapeutics stock traded down $0.14 during mid-day trading on Wednesday, reaching $7.22. 76,205 shares of the stock traded hands, compared to its average volume of 198,978. The stock has a market capitalization of $218.41 million, a PE ratio of -1.22 and a beta of 0.65. Cartesian Therapeutics has a 12-month low of $5.60 and a 12-month high of $11.00. The business's 50-day moving average is $8.55 and its 200-day moving average is $7.96.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of ($0.88) by $1.34. Equities analysts anticipate that Cartesian Therapeutics will post -3.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 683 Capital Management LLC raised its holdings in shares of Cartesian Therapeutics by 21.7% in the fourth quarter. 683 Capital Management LLC now owns 280,000 shares of the company's stock worth $2,019,000 after buying an additional 50,000 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Cartesian Therapeutics in the second quarter worth approximately $332,000. Renaissance Technologies LLC raised its holdings in shares of Cartesian Therapeutics by 63.7% in the first 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. Squarepoint Ops LLC raised its holdings in shares of Cartesian Therapeutics by 0.7% in the second 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, Sei Investments Co. purchased a new stake in shares of Cartesian Therapeutics in the first quarter worth approximately $78,000. 86.95% of the stock is owned by institutional investors.

Cartesian Therapeutics Company Profile

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.