Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives Consensus Recommendation of "Moderate Buy" from 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 given an average rating of "Moderate Buy" by the six analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on 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 research firms have recently commented on RNAC. Needham & Company LLC cut their target price on shares of Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wedbush began coverage on shares of Cartesian Therapeutics in a research note on Wednesday, July 9th. They set an "outperform" rating and a $38.00 target price for the company. Finally, HC Wainwright reissued a "buy" rating and set a $40.00 target price on shares of Cartesian Therapeutics in a research note on Wednesday, April 9th.

Cartesian Therapeutics Stock Performance

RNAC opened at $12.33 on Friday. Cartesian Therapeutics has a fifty-two week low of $8.46 and a fifty-two week high of $26.50. The company has a fifty day moving average of $11.27 and a two-hundred day moving average of $13.65. The stock has a market capitalization of $319.96 million, a price-to-earnings ratio of -0.23 and a beta of 0.43.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.07). The firm had revenue of $1.10 million for the quarter, compared to analyst estimates of $0.69 million. On average, equities research analysts forecast that Cartesian Therapeutics will post 4.56 earnings per share for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in Cartesian Therapeutics by 54.4% during the fourth quarter. Bank of America Corp DE now owns 11,690 shares of the company's stock worth $209,000 after acquiring an additional 4,120 shares during the last quarter. Northern Trust Corp boosted its position in Cartesian Therapeutics by 50.6% during the fourth 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cartesian Therapeutics by 44.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company's stock worth $104,000 after acquiring an additional 1,789 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cartesian Therapeutics by 63.0% in the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company's stock valued at $3,963,000 after purchasing an additional 85,557 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Cartesian Therapeutics by 27.5% in the 1st quarter. Rhumbline Advisers now owns 13,006 shares of the company's stock valued at $171,000 after purchasing an additional 2,805 shares during the last quarter. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.

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