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

Key Points

• Cartesian Therapeutics, Inc. received a consensus recommendation of "Moderate Buy" from six analysts, with an average 12-month target price of $40.00.
• The company reported a loss of $0.68 EPS for the latest quarter, missing analyst estimates, but exceeded revenue expectations with $1.10 million in sales.
• Institutional investors own 86.95% of Cartesian Therapeutics, highlighting strong interest from hedge funds and significant increases in shareholding by several major players.

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) has been assigned an average rating of "Moderate Buy" from the five research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $40.00.

RNAC has been the subject of a number of recent research reports. HC Wainwright reissued a "buy" rating and issued a $40.00 target price on shares of Cartesian Therapeutics in a research report on Wednesday, April 9th. Needham & Company LLC lowered their target price on Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Wedbush began coverage on Cartesian Therapeutics in a research note on Wednesday, July 9th. They issued an "outperform" rating and a $38.00 price objective for the company.

Cartesian Therapeutics Stock Performance

RNAC traded down $0.66 during trading on Friday, reaching $10.63. 27,140 shares of the stock were exchanged, compared to its average volume of 83,676. The stock has a market cap of $275.76 million, a P/E ratio of -0.20 and a beta of 0.44. Cartesian Therapeutics has a twelve month low of $8.46 and a twelve month high of $26.50. The stock's 50 day moving average price is $11.40 and its two-hundred day moving average price is $13.55.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of ($0.77) by $1.27. The company had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.77 million. Equities research analysts predict that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Corebridge Financial Inc. increased its stake in shares of Cartesian Therapeutics by 32.6% during the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company's stock valued at $92,000 after buying an additional 1,258 shares during the period. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 85,557 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Cartesian Therapeutics by 112.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company's stock worth $87,000 after acquiring an additional 2,568 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Cartesian Therapeutics during the fourth quarter valued at $247,000. Finally, Barclays PLC lifted its holdings in shares of Cartesian Therapeutics by 64.5% during the fourth quarter. Barclays PLC now owns 19,099 shares of the company's stock valued at $342,000 after purchasing an additional 7,488 shares in the last quarter. Institutional investors own 86.95% of the company's stock.

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.