Cartesian Therapeutics (NASDAQ:RNAC) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Cartesian Therapeutics from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $32.60.
• RNAC opened at $7.73, well below analyst targets ranging from $25 to $44, and has traded between $5.60 and $13.21 over the past year.
• The company reported a quarterly loss of $1.46 per share, worse than the expected $0.84 loss, while institutional investors and hedge funds own approximately 86.95% of outstanding shares.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Wedbush reaffirmed an "outperform" rating and set a $38.00 target price on shares of Cartesian Therapeutics in a research note on Wednesday, June 10th. BTIG Research reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, June 9th. Needham & Company LLC restated a "buy" rating and set a $40.00 target price on shares of Cartesian Therapeutics in a report on Tuesday, June 9th. HC Wainwright reduced their price target on shares of Cartesian Therapeutics from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised shares of Cartesian Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Sunday, June 14th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $32.60.

Cartesian Therapeutics Price Performance

NASDAQ:RNAC opened at $7.73 on Wednesday. The company's 50-day moving average is $8.42 and its two-hundred day moving average is $7.51. The firm has a market capitalization of $227.11 million, a price-to-earnings ratio of -1.31 and a beta of 0.59. Cartesian Therapeutics has a 1-year low of $5.60 and a 1-year high of $13.21.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported ($1.46) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.62). The company had revenue of $0.08 million during the quarter, compared to analysts' expectations of $0.22 million. As a group, equities analysts anticipate that Cartesian Therapeutics will post -4.09 earnings per share for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of RNAC. Privium Fund Management B.V. acquired a new position in shares of Cartesian Therapeutics during the 4th quarter worth about $1,244,000. R Squared Ltd acquired a new stake in Cartesian Therapeutics during the 4th quarter worth $74,000. Millennium Management LLC acquired a new position in Cartesian Therapeutics in the third quarter valued at $259,000. Bridgeway Capital Management LLC purchased a new position in shares of Cartesian Therapeutics during the third quarter worth about $256,000. Finally, Rhumbline Advisers grew its holdings in shares of Cartesian Therapeutics by 27.5% during the first quarter. Rhumbline Advisers now owns 13,006 shares of the company's stock worth $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.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, trading on NASDAQ under the symbol RNAC, is a clinical‐stage biotechnology company specializing in the development of messenger RNA (mRNA)-based therapeutics. The company leverages a proprietary RNA delivery platform to induce the production of therapeutic proteins within patients, aiming to address a range of diseases through in vivo expression of disease-modifying agents. Cartesian's technology is designed to optimize mRNA stability, translation efficiency and targeted delivery, with potential applications spanning oncology, autoimmune disorders and rare genetic conditions.

At the core of Cartesian's approach is a synthetic mRNA platform that incorporates proprietary lipid nanoparticle (LNP) formulations.

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