Wedbush Reiterates Outperform Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Key Points

• Wedbush reaffirmed an "Outperform" rating on Cartesian Therapeutics with a $38.00 price target; overall analyst coverage is mixed-to-positive with five Buys and one Sell, a consensus "Moderate Buy" and an average price target of $34.00.
• Shares trade near $6.17 (down 0.9% intraday) with a $180.6M market cap and a 12-month range of $5.60–$15.57, after the company reported a quarterly EPS loss of $1.46 (vs. -$0.89 expected) and revenue of $0.08M (below estimates).

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities researchers at Wedbush in a report issued on Friday,Benzinga reports. They presently have a $38.00 target price on the stock.

Several other research firms also recently issued reports on RNAC. Cantor Fitzgerald upgraded Cartesian Therapeutics from a "neutral" rating to an "overweight" rating and set a $16.00 price objective on the stock in a report on Monday, March 9th. BTIG Research restated a "buy" rating on shares of Cartesian Therapeutics in a report on Monday, March 9th. Needham & Company LLC restated a "buy" rating and set a $42.00 price objective on shares of Cartesian Therapeutics in a report on Monday, March 9th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Cartesian Therapeutics in a report on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Cartesian Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

Cartesian Therapeutics Trading Down 0.9%

RNAC stock traded down $0.06 during midday trading on Friday, hitting $6.17. 126,382 shares of the company's stock were exchanged, compared to its average volume of 178,028. Cartesian Therapeutics has a 12-month low of $5.60 and a 12-month high of $15.57. The firm has a 50 day moving average price of $6.86 and a 200-day moving average price of $7.29. The stock has a market capitalization of $180.63 million, a price-to-earnings ratio of -1.20 and a beta of 0.47.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.57). The business had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.12 million. On average, sell-side analysts forecast that Cartesian Therapeutics will post -3.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Cartesian Therapeutics by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 520,722 shares of the company's stock valued at $5,322,000 after acquiring an additional 24,356 shares during the last quarter. 683 Capital Management LLC increased its holdings in shares of Cartesian Therapeutics by 21.7% in the 4th quarter. 683 Capital Management LLC now owns 280,000 shares of the company's stock valued at $2,019,000 after acquiring an additional 50,000 shares during the last quarter. Erste Asset Management GmbH increased its holdings in shares of Cartesian Therapeutics by 4.5% in the 4th quarter. Erste Asset Management GmbH now owns 271,705 shares of the company's stock valued at $1,956,000 after acquiring an additional 11,694 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cartesian Therapeutics by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 255,539 shares of the company's stock valued at $1,843,000 after acquiring an additional 13,710 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Cartesian Therapeutics by 110.1% during the 4th quarter. Marshall Wace LLP now owns 178,140 shares of the company's stock valued at $1,284,000 after purchasing an additional 93,334 shares during the period. 86.95% of the stock is currently owned by institutional investors.

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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