Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Receives $43.00 Average PT from Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has earned an average rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $43.00.

A number of equities research analysts have issued reports on the company. Oppenheimer downgraded Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Canaccord Genuity Group boosted their target price on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Needham & Company LLC decreased their price target on shares of Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Cartesian Therapeutics in a research report on Friday. Finally, Mizuho began coverage on Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 target price on the stock.

Insiders Place Their Bets

In other Cartesian Therapeutics news, Director Timothy A. Springer bought 8,016 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $12.72 per share, for a total transaction of $101,963.52. Following the transaction, the director now directly owns 11,509 shares of the company’s stock, valued at $146,394.48. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 61.10% of the stock is owned by insiders.

Institutional Trading of Cartesian Therapeutics

Several institutional investors have recently made changes to their positions in the company. 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. acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at approximately $4,105,000. Delphi Financial Group Inc. acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at approximately $430,000. Logos Global Management LP acquired a new stake in Cartesian Therapeutics in the 2nd quarter valued at approximately $2,431,000. Finally, BNP Paribas Financial Markets acquired a new stake in Cartesian Therapeutics in the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Trading Down 4.4 %

RNAC stock opened at $16.01 on Thursday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The business’s 50 day moving average price is $15.19 and its two-hundred day moving average price is $19.93.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million. Equities research analysts anticipate that Cartesian Therapeutics will post 3.99 earnings per share for the current fiscal year.

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.