Cartesian Therapeutics (NASDAQ:RNAC) Given “Buy” Rating at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $42.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 80.72% from the company’s current price.

Other analysts have also issued reports about the stock. HC Wainwright boosted their target price on shares of Cartesian Therapeutics from $2.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. SVB Leerink began coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 target price on the stock. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd.

Cartesian Therapeutics Price Performance

Shares of RNAC traded up $0.03 during mid-day trading on Wednesday, hitting $23.24. 10,926 shares of the stock were exchanged, compared to its average volume of 50,484. The stock has a 50-day simple moving average of $19.41. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings data 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). Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. The company had revenue of $8.27 million during the quarter. On average, sell-side analysts expect that Cartesian Therapeutics will post -3.21 earnings per share for the current year.

Insider Activity

In other news, Director Timothy A. Springer bought 21,612 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $16.20 per share, with a total value of $350,114.40. Following the completion of the transaction, the director now directly owns 1,017,228 shares of the company’s stock, valued at approximately $16,479,093.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have bought 22,446 shares of company stock worth $365,474. Corporate insiders own 31.20% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new stake in shares of Cartesian Therapeutics during the first quarter valued at $31,000. Hall Laurie J Trustee acquired a new stake in Cartesian Therapeutics during the 1st quarter worth about $34,000. BNP Paribas Financial Markets purchased a new stake in Cartesian Therapeutics during the 1st quarter valued at about $38,000. Finally, Delphi Financial Group Inc. acquired a new position in shares of Cartesian Therapeutics in the first quarter valued at about $430,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

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.