Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the six analysts that are covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $40.00.

Several analysts have weighed in on the company. Wedbush assumed coverage on Cartesian Therapeutics in a research note on Wednesday. They set an "outperform" rating and a $38.00 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $40.00 price objective on shares of Cartesian Therapeutics in a research note on Wednesday, April 9th. Finally, Needham & Company LLC dropped their price objective on Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

Cartesian Therapeutics Stock Down 1.7%

Cartesian Therapeutics stock traded down $0.23 during mid-day trading on Wednesday, hitting $13.54. 96,376 shares of the company's stock traded hands, compared to its average volume of 99,692. The firm has a 50 day moving average price of $10.44 and a 200 day moving average price of $14.23. The company has a market cap of $351.36 million, a PE ratio of -0.26 and a beta of 0.36. Cartesian Therapeutics has a one year low of $8.46 and a one year high of $26.50.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($0.07). The business had revenue of $1.10 million during the quarter, compared to analysts' expectations of $0.69 million. On average, analysts expect that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of hedge funds have recently modified their holdings of the stock. MPM Bioimpact LLC grew its holdings in shares of Cartesian Therapeutics by 9.7% in the 1st quarter. MPM Bioimpact LLC now owns 790,779 shares of the company's stock worth $10,422,000 after acquiring an additional 69,640 shares during the last quarter. Erste Asset Management GmbH grew its holdings in shares of Cartesian Therapeutics by 49.8% in the 1st quarter. Erste Asset Management GmbH now owns 260,011 shares of the company's stock worth $3,432,000 after acquiring an additional 86,445 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cartesian Therapeutics by 63.0% in the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company's stock worth $3,963,000 after acquiring an additional 85,557 shares during the last quarter. 683 Capital Management LLC grew its holdings in shares of Cartesian Therapeutics by 20.0% in the 1st quarter. 683 Capital Management LLC now owns 150,000 shares of the company's stock worth $1,977,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Cartesian Therapeutics by 50.6% in the 4th quarter. Northern Trust Corp now owns 95,030 shares of the company's stock worth $1,702,000 after acquiring an additional 31,915 shares during the last quarter. 86.95% of the stock is currently owned by institutional investors and hedge funds.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.