Wedbush Begins Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

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.

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

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.