Cartesian Therapeutics (NASDAQ:RNAC) Price Target Lowered to $41.00 at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC) had its price objective decreased by Needham & Company LLC from $42.00 to $41.00 in a research note released on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on RNAC. SVB Leerink initiated coverage on Cartesian Therapeutics in a research note on Tuesday, April 23rd. They issued an outperform rating and a $39.00 price target on the stock. Oppenheimer cut Cartesian Therapeutics from an outperform rating to a market perform rating in a research report on Tuesday, July 2nd. Mizuho initiated coverage on Cartesian Therapeutics in a research note on Friday, May 24th. They issued a buy rating and a $40.00 target price on the stock. HC Wainwright dropped their price objective 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. Finally, Leerink Partnrs reissued an outperform rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cartesian Therapeutics has an average rating of Moderate Buy and an average target price of $43.67.

Cartesian Therapeutics Price Performance

Shares of RNAC stock traded up $0.50 during trading hours on Friday, reaching $13.37. The company’s stock had a trading volume of 49,521 shares, compared to its average volume of 111,382. The firm’s fifty day simple moving average is $21.35 and its 200 day simple moving average is $21.34. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly 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 company had revenue of $5.84 million for the quarter. On average, equities research analysts anticipate that Cartesian Therapeutics will post 2.67 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of Cartesian Therapeutics in the first quarter worth $31,000. Hall Laurie J Trustee bought a new stake in shares of Cartesian Therapeutics during the 1st quarter worth approximately $34,000. American International Group Inc. purchased a new position in Cartesian Therapeutics during the 1st quarter valued at $37,000. BNP Paribas Financial Markets bought a new position in Cartesian Therapeutics in the 1st quarter valued at $38,000. Finally, Delphi Financial Group Inc. purchased a new stake in Cartesian Therapeutics in the first quarter worth $430,000. 86.95% of the stock is currently owned by 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.