Weiss Ratings Reaffirms "Sell (D-)" Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for Cartesian Therapeutics (NASDAQ:RNAC), indicating cautious sentiment among analysts.
• Wedbush has initiated coverage of the stock with an "outperform" rating and a target price of $38.00, while the average target price across analysts is set at $40.00.
• Cartesian Therapeutics reported a quarterly EPS of $0.50, significantly beating analysts’ expectations, although its revenue fell short of estimates at $0.30 million.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Separately, Wedbush began coverage on Cartesian Therapeutics in a research note on Wednesday, July 9th. They set an "outperform" rating and a $38.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.00.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ RNAC traded up $0.49 during mid-day trading on Wednesday, reaching $10.23. 99,516 shares of the company traded hands, compared to its average volume of 84,405. The company's fifty day moving average is $10.51 and its two-hundred day moving average is $11.04. Cartesian Therapeutics has a fifty-two week low of $8.46 and a fifty-two week high of $26.50.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of ($0.76) by $1.26. The company had revenue of $0.30 million for the quarter, compared to analyst estimates of $0.77 million. As a group, equities research analysts expect that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Virtus Investment Advisers LLC increased its holdings in Cartesian Therapeutics by 12.5% during the 2nd quarter. Virtus Investment Advisers LLC now owns 9,183 shares of the company's stock valued at $95,000 after purchasing an additional 1,023 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at $95,000. Deutsche Bank AG increased its stake in shares of Cartesian Therapeutics by 104.1% in the 1st quarter. Deutsche Bank AG now owns 7,424 shares of the company's stock valued at $98,000 after buying an additional 3,786 shares during the period. Miller Financial Services LLC acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at $121,000. Finally, Bank of America Corp DE increased 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. 86.95% of the stock is owned by institutional investors and hedge funds.

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.

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