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

Cartesian Therapeutics logo with Medical background

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.

Read Our Latest Research Report on RNAC

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

(Get Free Report

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.

Further Reading

Analyst Recommendations for Cartesian Therapeutics (NASDAQ:RNAC)

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