HC Wainwright Reaffirms “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

HC Wainwright restated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note published on Wednesday morning, Benzinga reports. HC Wainwright currently has a $45.00 price target on the stock.

Several other brokerages also recently issued reports on RNAC. TD Cowen started coverage on shares of Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a buy rating on the stock. Oppenheimer lowered Cartesian Therapeutics from an outperform rating to a market perform rating in a report on Tuesday, July 2nd. Needham & Company LLC reduced their price objective on Cartesian Therapeutics from $42.00 to $41.00 and set a buy rating for the company in a research note on Friday, August 9th. Canaccord Genuity Group lifted their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. Finally, Mizuho started coverage on Cartesian Therapeutics in a research note on Friday, May 24th. They set a buy rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $43.00.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC opened at $12.98 on Wednesday. The business has a 50-day moving average price of $15.53 and a 200 day moving average price of $20.22. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The firm had revenue of $33.45 million during the quarter, compared to analysts’ expectations of $6.00 million. As a group, sell-side analysts expect that Cartesian Therapeutics will post 3.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 8,016 shares of Cartesian Therapeutics stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $12.72 per share, with a total value of $101,963.52. Following the acquisition, the director now directly owns 11,509 shares of the company’s stock, valued at $146,394.48. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 61.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at about $4,105,000. Delphi Financial Group Inc. acquired a new stake in shares of Cartesian Therapeutics during the 1st quarter valued at approximately $430,000. BNP Paribas Financial Markets purchased a new stake in shares of Cartesian Therapeutics during the 1st quarter worth approximately $38,000. American International Group Inc. acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter worth approximately $37,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.