Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $43.83.

A number of analysts have recently issued reports 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 on the stock. SVB Leerink assumed coverage on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price target for the company. HC Wainwright decreased their price target on shares of Cartesian Therapeutics from $54.00 to $49.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Leerink Partnrs reissued an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. Finally, Canaccord Genuity Group raised their price target on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd.

Cartesian Therapeutics Trading Down 5.9 %

RNAC opened at $16.16 on Wednesday. The firm’s 50 day moving average is $23.51 and its 200-day moving average is $21.85. 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 Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). The firm had revenue of $5.84 million for the quarter. On average, sell-side analysts anticipate that Cartesian Therapeutics will post 2.67 EPS for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Artal Group S.A. acquired a new position in Cartesian Therapeutics in the first quarter worth $5,939,000. American International Group Inc. acquired a new position in Cartesian Therapeutics in the first quarter worth $37,000. Vanguard Group Inc. acquired a new position in Cartesian Therapeutics in the first quarter worth $4,105,000. SG Americas Securities LLC acquired a new position in Cartesian Therapeutics in the first quarter worth $31,000. Finally, Delphi Financial Group Inc. acquired a new position in Cartesian Therapeutics in the first quarter worth $430,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

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.