Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $40.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 452.10% from the stock’s previous close.

Several other equities research analysts also recently weighed in on RNAC. Wall Street Zen upgraded Cartesian Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research upgraded Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. BTIG Research reissued a “buy” rating and set a $44.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a research note on Wednesday, September 9th. Finally, Wedbush restated an “outperform” rating and issued a $38.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, August 18th. Five research 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Cartesian Therapeutics Stock Up 0.5%

RNAC traded up $0.04 during trading on Tuesday, reaching $7.25. The company had a trading volume of 118,044 shares, compared to its average volume of 199,632. The business has a 50 day simple moving average of $8.61 and a 200-day simple moving average of $7.97. The stock has a market cap of $219.16 million, a P/E ratio of -1.22 and a beta of 0.62. Cartesian Therapeutics has a 52 week low of $5.60 and a 52 week high of $11.00.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its earnings results on Thursday, August 6th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of ($0.88) by $1.34. As a group, equities research analysts expect that Cartesian Therapeutics will post -3.15 EPS for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC lifted its position in Cartesian Therapeutics by 0.7% during the 2nd quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock worth $23,493,000 after acquiring an additional 16,133 shares during the period. Bank of New York Mellon Corp purchased a new stake in Cartesian Therapeutics in the second quarter valued at approximately $332,000. Renaissance Technologies LLC increased its holdings in Cartesian Therapeutics by 63.7% in the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after buying an additional 26,200 shares during the period. Sei Investments Co. purchased a new position in Cartesian Therapeutics during the 1st quarter worth approximately $78,000. Finally, 683 Capital Management LLC lifted its stake in Cartesian Therapeutics by 21.7% during 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 period. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company developing cell therapies for autoimmune diseases. Its research focuses on mRNA cell therapy, an approach designed to program a patient’s own immune cells to target disease-related proteins while enabling transient expression of the therapeutic construct.

The company’s lead program, Descartes-08, is an autologous anti-BCMA CAR T-cell therapy that uses mRNA to direct T cells against B-cell maturation antigen.