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

Needham & Company LLC reiterated their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report sent to investors on Monday morning, Benzinga reports. They currently have a $42.00 target price on the stock.

Several other analysts have also issued reports on RNAC. SVB Leerink began coverage on Cartesian Therapeutics in a research note on Tuesday, April 23rd. They issued an outperform rating and a $39.00 target price on the stock. HC Wainwright decreased their price objective on Cartesian Therapeutics from $54.00 to $49.00 and set a buy rating on the stock in a research note on Wednesday, July 3rd. Canaccord Genuity Group boosted their price objective on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. Oppenheimer lowered Cartesian Therapeutics from an outperform rating to a market perform rating in a research note on Tuesday, July 2nd. Finally, Leerink Partnrs reiterated an outperform rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $43.83.

Cartesian Therapeutics Stock Performance

Shares of RNAC opened at $16.92 on Monday. The stock’s fifty day moving average price is $25.64 and its two-hundred day moving average price is $22.30. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its earnings results on Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.81) by ($1.16). The business had revenue of $5.84 million during the quarter. As a group, analysts forecast that Cartesian Therapeutics will post 2.67 EPS for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Artal Group S.A. purchased a new position in Cartesian Therapeutics during the first quarter worth about $5,939,000. American International Group Inc. purchased a new position in Cartesian Therapeutics during the first quarter worth about $37,000. Vanguard Group Inc. purchased a new position in Cartesian Therapeutics during the first quarter worth about $4,105,000. SG Americas Securities LLC purchased a new position in Cartesian Therapeutics during the first quarter worth about $31,000. Finally, Delphi Financial Group Inc. purchased a new position in Cartesian Therapeutics during the first quarter worth about $430,000. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

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.