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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $54.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 112.10% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. SVB Leerink assumed coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. They issued an “outperform” rating and a $39.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of Cartesian Therapeutics in a report on Wednesday, May 8th.

Cartesian Therapeutics Trading Up 3.5 %

NASDAQ RNAC opened at $25.46 on Thursday. The stock’s 50 day moving average price is $20.41. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($2.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($2.10). The firm had revenue of $8.27 million for the quarter. Cartesian Therapeutics had a negative return on equity of 58.21% and a negative net margin of 983.93%. Equities analysts expect that Cartesian Therapeutics will post 1.71 EPS for the current year.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer bought 21,612 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were purchased at an average cost of $16.20 per share, for a total transaction of $350,114.40. Following the completion of the purchase, the director now directly owns 1,017,228 shares in the company, valued at $16,479,093.60. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have purchased a total of 22,446 shares of company stock worth $365,474 over the last three months. 61.10% of the stock is currently owned by insiders.

Institutional Trading of Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of the business. Artal Group S.A. purchased a new stake in shares of Cartesian Therapeutics during the 1st quarter valued at approximately $5,939,000. Vanguard Group Inc. bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $4,105,000. Delphi Financial Group Inc. bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $430,000. BNP Paribas Financial Markets bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $38,000. Finally, American International Group Inc. bought a new stake in Cartesian Therapeutics during the 1st quarter worth approximately $37,000. 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.