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Wedbush Begins Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics logo with Medical background

Wedbush started coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC - Free Report) in a research note published on Wednesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $38.00 price objective on the stock.

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

View Our Latest Report on RNAC

Cartesian Therapeutics Price Performance

RNAC traded down $0.37 on Wednesday, hitting $13.40. The company had a trading volume of 57,648 shares, compared to its average volume of 99,757. Cartesian Therapeutics has a 52-week low of $8.46 and a 52-week high of $26.50. The stock has a fifty day simple moving average of $10.42 and a 200-day simple moving average of $14.27. The firm has a market capitalization of $347.73 million, a P/E ratio of -0.25 and a beta of 0.36.

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 analysts' consensus estimates of ($0.61) by ($0.07). The business had revenue of $1.10 million for the quarter, compared to analyst estimates of $0.69 million. Equities research analysts expect that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of large investors have recently added to or reduced their stakes in RNAC. MPM Bioimpact LLC grew its position in Cartesian Therapeutics by 14.6% in the 4th quarter. MPM Bioimpact LLC now owns 721,139 shares of the company's stock worth $12,916,000 after purchasing an additional 91,716 shares during the period. Erste Asset Management GmbH grew its position in 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 purchasing an additional 86,445 shares during the period. Geode Capital Management LLC grew its position in 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 purchasing an additional 85,557 shares during the period. 683 Capital Management LLC grew its position in Cartesian Therapeutics by 65.7% in the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company's stock worth $2,239,000 after purchasing an additional 49,569 shares during the period. Finally, Nuveen Asset Management LLC grew its position in Cartesian Therapeutics by 197.8% in the 4th quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company's stock worth $1,291,000 after purchasing an additional 47,889 shares during the period. Institutional investors own 86.95% of the company's stock.

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.

See Also

Analyst Recommendations for Cartesian Therapeutics (NASDAQ:RNAC)

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