Cartesian Therapeutics (NASDAQ:RNAC) Now Covered by Wedbush

Wedbush began coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC - Free Report) in a research report sent to investors on Wednesday, Marketbeat reports. The firm issued an outperform rating and a $38.00 price target on the stock.

Several other equities research analysts have also issued reports on the company. Needham & Company LLC decreased their target price on Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and set a $40.00 target price on shares of Cartesian Therapeutics in a report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

Cartesian Therapeutics Trading Up 21.9%

Shares of RNAC traded up $2.47 during trading hours on Wednesday, reaching $13.77. The stock had a trading volume of 353,176 shares, compared to its average volume of 101,105. The company has a market capitalization of $357.39 million, a price-to-earnings ratio of -0.26 and a beta of 0.36. The firm has a 50-day simple moving average of $10.38 and a 200 day simple moving average of $14.28. Cartesian Therapeutics has a 12 month low of $8.46 and a 12 month high of $26.50.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last released its quarterly 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 company had revenue of $1.10 million during the quarter, compared to analyst estimates of $0.69 million. On average, equities analysts forecast that Cartesian Therapeutics will post 4.56 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtus ETF Advisers LLC purchased a new position in shares of Cartesian Therapeutics during the fourth quarter worth about $63,000. Wells Fargo & Company MN grew its position in Cartesian Therapeutics by 112.7% during the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company's stock valued at $87,000 after acquiring an additional 2,568 shares during the last quarter. Corebridge Financial Inc. grew its position in 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 acquiring an additional 1,258 shares during the last quarter. AlphaQuest LLC bought a new position in Cartesian Therapeutics during the first quarter valued at approximately $95,000. Finally, Deutsche Bank AG grew its position in Cartesian Therapeutics by 104.1% during the first quarter. Deutsche Bank AG now owns 7,424 shares of the company's stock valued at $98,000 after acquiring an additional 3,786 shares during the last quarter. Hedge funds and other institutional investors own 86.95% of the company's stock.

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.