Cartesian Therapeutics (NASDAQ:RNAC) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reissued their buy rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research note published on Friday morning, Benzinga reports. They currently have a $45.00 price objective on the stock.

Other research analysts also recently issued research reports about the stock. Oppenheimer downgraded shares of Cartesian Therapeutics from an outperform rating to a market perform rating in a research note on Tuesday, July 2nd. TD Cowen initiated coverage on shares of Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a buy rating on the stock. Mizuho assumed coverage on shares of Cartesian Therapeutics in a research note on Friday, May 24th. They set a buy rating and a $40.00 price objective for the company. Canaccord Genuity Group increased their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Finally, Needham & Company LLC lowered their price target on Cartesian Therapeutics from $42.00 to $41.00 and set a buy rating for the company in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $43.00.

Cartesian Therapeutics Stock Down 4.4 %

RNAC stock opened at $16.01 on Friday. The company has a 50 day moving average price of $15.19 and a two-hundred day moving average price of $19.93. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $1.35. The business had revenue of $33.45 million for the quarter, compared to analyst estimates of $6.00 million. On average, sell-side analysts anticipate that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Cartesian Therapeutics

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNAC. Point72 DIFC Ltd purchased a new stake in Cartesian Therapeutics during the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cartesian Therapeutics in the second quarter worth about $49,000. Cubist Systematic Strategies LLC acquired a new position in shares of Cartesian Therapeutics in the second quarter worth about $351,000. Marshall Wace LLP acquired a new position in shares of Cartesian Therapeutics in the second quarter worth about $811,000. Finally, Lake Street Advisors Group LLC purchased a new position in Cartesian Therapeutics in the second quarter valued at about $855,000. 86.95% of the stock is owned by institutional investors and hedge funds.

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.