Cartesian Therapeutics (NASDAQ:RNAC) Earns Outperform Rating from Analysts at SVB Leerink

Analysts at SVB Leerink initiated coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an "outperform" rating and a $39.00 price target on the stock. SVB Leerink's target price points to a potential upside of 89.41% from the stock's previous close.

RNAC has been the topic of several other research reports. Needham & Company LLC initiated coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 9th. They set a "buy" rating and a $42.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $60.00 target price on shares of Cartesian Therapeutics in a research report on Monday, March 18th.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ:RNAC traded up $2.33 on Tuesday, hitting $20.59. 124,353 shares of the company were exchanged, compared to its average volume of 43,123. The firm's 50 day moving average price is $19.32. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($2.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($2.10). Cartesian Therapeutics had a negative return on equity of 58.21% and a negative net margin of 845.01%. The company had revenue of $8.27 million for the quarter. Equities analysts predict that Cartesian Therapeutics will post -1.5 EPS for the current year.

Insider Activity

In other news, Director Timothy A. Springer purchased 21,612 shares of Cartesian Therapeutics stock in a transaction on Thursday, March 14th. The shares were purchased at an average cost of $16.20 per share, for a total transaction of $350,114.40. Following the completion of the transaction, the director now directly owns 1,017,228 shares in the company, valued at $16,479,093.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have acquired 22,472 shares of company stock worth $365,981. Corporate insiders own 31.20% of the company's stock.

Hedge Funds Weigh In On Cartesian Therapeutics

An institutional investor recently bought a new position in Cartesian Therapeutics stock. Hall Laurie J Trustee purchased a new stake in Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 52,775 shares of the company's stock, valued at approximately $34,000. Hall Laurie J Trustee owned approximately 0.98% of Cartesian Therapeutics as of its most recent SEC filing. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.