Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Consensus Recommendation of "Moderate Buy" by Analysts

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) has been given an average rating of "Moderate Buy" by the six brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $40.00.

A number of brokerages have recently issued reports on RNAC. Wedbush started coverage on Cartesian Therapeutics in a research note on Wednesday. They set an "outperform" rating and a $38.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $40.00 price target on shares of Cartesian Therapeutics in a report on Wednesday, April 9th. Finally, Needham & Company LLC lowered their price target on shares of Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

Cartesian Therapeutics Price Performance

NASDAQ RNAC traded down $0.32 on Wednesday, reaching $13.45. 62,142 shares of the company's stock traded hands, compared to its average volume of 99,776. The stock has a 50-day simple moving average of $10.42 and a 200 day simple moving average of $14.27. Cartesian Therapeutics has a 12 month low of $8.46 and a 12 month high of $26.50. The stock has a market cap of $349.03 million, a PE ratio of -0.25 and a beta of 0.36.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.07). The firm had revenue of $1.10 million during the quarter, compared to analysts' expectations of $0.69 million. As a group, analysts anticipate that Cartesian Therapeutics will post 4.56 EPS for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of large investors have recently made changes to their positions in RNAC. Rhumbline Advisers boosted its holdings in Cartesian Therapeutics by 10.0% in the fourth quarter. Rhumbline Advisers now owns 10,201 shares of the company's stock valued at $183,000 after acquiring an additional 927 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Cartesian Therapeutics by 28.5% in the fourth quarter. Bank of New York Mellon Corp now owns 19,407 shares of the company's stock valued at $348,000 after acquiring an additional 4,305 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cartesian Therapeutics by 40.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,803 shares of the company's stock valued at $480,000 after acquiring an additional 7,755 shares in the last quarter. Corebridge Financial Inc. raised its stake in Cartesian Therapeutics by 32.6% in the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company's stock worth $92,000 after buying an additional 1,258 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Cartesian Therapeutics by 63.0% in the fourth quarter. Geode Capital Management LLC now owns 221,257 shares of the company's stock worth $3,963,000 after buying an additional 85,557 shares in the last quarter. 86.95% of the stock is currently owned by institutional investors.

About Cartesian Therapeutics

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.