Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Needham & Company LLC reaffirmed their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report released on Monday, Benzinga reports. The firm currently has a $42.00 target price on the stock.

Several other research analysts have also issued reports on the company. HC Wainwright reduced their target price on Cartesian Therapeutics from $54.00 to $49.00 and set a buy rating on the stock in a research report on Wednesday, July 3rd. Oppenheimer lowered Cartesian Therapeutics from an outperform rating to a market perform rating in a research report on Tuesday, July 2nd. Canaccord Genuity Group upped their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Mizuho assumed coverage on Cartesian Therapeutics in a research report on Friday, May 24th. They set a buy rating and a $40.00 target price on the stock. Finally, SVB Leerink initiated coverage on Cartesian Therapeutics in a research report on Tuesday, April 23rd. They set an outperform rating and a $39.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $43.83.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ RNAC opened at $16.92 on Monday. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60. The business has a fifty day moving average price of $25.64 and a 200 day moving average price of $22.30.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($1.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). The company had revenue of $5.84 million during the quarter. On average, research analysts predict that Cartesian Therapeutics will post 2.67 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RNAC. Artal Group S.A. acquired a new stake in Cartesian Therapeutics during the first quarter worth about $5,939,000. Vanguard Group Inc. acquired a new stake in Cartesian Therapeutics during the first quarter worth about $4,105,000. Delphi Financial Group Inc. acquired a new stake in Cartesian Therapeutics during the first quarter worth about $430,000. BNP Paribas Financial Markets acquired a new stake in Cartesian Therapeutics during the first quarter worth about $38,000. Finally, American International Group Inc. acquired a new stake in Cartesian Therapeutics during the first quarter worth about $37,000. 86.95% of the stock is owned by institutional investors and hedge funds.

About Cartesian Therapeutics

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.