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

Key Points

• Wedbush reiterated an “Outperform” rating on Cartesian Therapeutics with a $38 price target, implying roughly 314% upside from the stock’s $9.18 price.
• Analyst sentiment is broadly positive: Cartesian has a consensus rating of “Moderate Buy” from seven analysts, with an average price target of $32.60.
• The company reported quarterly EPS of $0.46, beating the consensus estimate of a $0.88 loss, while institutional investors own approximately 86.95% of RNAC.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Wedbush in a research report issued on Tuesday,Benzinga reports. They currently have a $38.00 price objective on the stock. Wedbush's price target would indicate a potential upside of 313.94% from the stock's current price.

Several other research firms also recently weighed in on RNAC. Zacks Research raised shares of Cartesian Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. BTIG Research reaffirmed a "buy" rating and set a $44.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, June 9th. Weiss Ratings upgraded shares of Cartesian Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, June 12th. HC Wainwright decreased their target price 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, 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. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued 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 $32.60.

Cartesian Therapeutics Stock Performance

NASDAQ RNAC opened at $9.18 on Tuesday. The business has a fifty day moving average price of $8.88 and a 200 day moving average price of $7.60. The company has a market cap of $277.74 million, a P/E ratio of -1.55 and a beta of 0.63. Cartesian Therapeutics has a one year low of $5.60 and a one year high of $11.80.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.88) by $1.34. As a group, sell-side analysts predict that Cartesian Therapeutics will post -3.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds have recently modified their holdings of RNAC. Rhumbline Advisers raised its stake in 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 period. Marshall Wace LLP boosted its holdings in Cartesian Therapeutics by 114.0% in the 2nd quarter. Marshall Wace LLP now owns 82,630 shares of the company's stock valued at $859,000 after purchasing an additional 44,025 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Cartesian Therapeutics by 133.0% in the 2nd quarter. Bank of America Corp DE now owns 13,933 shares of the company's stock valued at $145,000 after buying an additional 7,952 shares during the period. Vanguard Group Inc. grew its stake 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 buying an additional 24,356 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of Cartesian Therapeutics during the 3rd quarter worth approximately $256,000. Hedge funds and other institutional investors 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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