Cartesian Therapeutics (NASDAQ:RNAC) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Cartesian Therapeutics from “Sell” to “Hold.” Despite the change, the stock has a “Moderate Buy” consensus rating from analysts, with an average price target of $32.60.
• RNAC shares opened at $8.85, with a market capitalization of approximately $260 million and a 52-week range of $5.60 to $12.25. The company’s latest quarterly earnings of $0.46 per share exceeded the consensus estimate of a $0.88 loss.
• Institutional investors own approximately 86.95% of Cartesian Therapeutics, with several hedge funds increasing their positions recently, including Marshall Wace and Bank of America.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Several other research analysts have also issued reports on RNAC. Wedbush restated an "outperform" rating and issued a $38.00 price target on shares of Cartesian Therapeutics in a research report on Wednesday, June 10th. BTIG Research restated a "buy" rating and set a $44.00 target price on shares of Cartesian Therapeutics in a report on Tuesday, June 9th. Zacks Research upgraded shares of Cartesian Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. HC Wainwright reduced their price objective on shares of Cartesian Therapeutics from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings raised shares of Cartesian Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, June 12th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $32.60.

Cartesian Therapeutics Trading Up 1.0%

Shares of NASDAQ RNAC opened at $8.85 on Friday. The firm has a market capitalization of $260.01 million, a PE ratio of -1.49 and a beta of 0.63. Cartesian Therapeutics has a 1 year low of $5.60 and a 1 year high of $12.25. The firm's 50-day moving average is $8.58 and its 200-day moving average is $7.55.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of ($0.88) by $1.34. As a group, equities research analysts anticipate that Cartesian Therapeutics will post -4.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

Hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its holdings in shares of Cartesian Therapeutics by 27.5% during 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 in the last quarter. Marshall Wace LLP increased its stake in Cartesian Therapeutics by 114.0% during the 2nd quarter. Marshall Wace LLP now owns 82,630 shares of the company's stock worth $859,000 after purchasing an additional 44,025 shares in the last quarter. Bank of America Corp DE increased its stake in Cartesian Therapeutics by 133.0% during the 2nd quarter. Bank of America Corp DE now owns 13,933 shares of the company's stock worth $145,000 after purchasing an additional 7,952 shares in the last quarter. Vanguard Group Inc. raised its holdings in Cartesian Therapeutics by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 520,722 shares of the company's stock worth $5,322,000 after buying an additional 24,356 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new stake in Cartesian Therapeutics during the 3rd quarter worth approximately $256,000. Institutional investors and hedge funds own 86.95% of the company's stock.

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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