Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Given Consensus Recommendation of “Moderate Buy” by Analysts

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $43.00.

A number of analysts have recently issued reports on RNAC shares. Needham & Company LLC lowered their price objective on shares of Cartesian Therapeutics from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Cartesian Therapeutics in a report on Wednesday, April 9th.

Cartesian Therapeutics Stock Performance

Shares of RNAC opened at $10.00 on Friday. Cartesian Therapeutics has a twelve month low of $8.46 and a twelve month high of $29.65. The firm’s 50 day moving average price is $10.56 and its two-hundred day moving average price is $15.30. The firm has a market cap of $259.50 million, a P/E ratio of -0.19 and a beta of 0.33.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.07). The business had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $0.69 million. On average, sell-side analysts anticipate that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cartesian Therapeutics by 22.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock valued at $82,000 after acquiring an additional 847 shares during the period. Rhumbline Advisers increased its stake in shares of Cartesian Therapeutics by 10.0% in the fourth quarter. Rhumbline Advisers now owns 10,201 shares of the company’s stock valued at $183,000 after buying an additional 927 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cartesian Therapeutics by 28.5% in the fourth quarter. Bank of New York Mellon Corp now owns 19,407 shares of the company’s stock valued at $348,000 after buying an additional 4,305 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Cartesian Therapeutics by 40.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,803 shares of the company’s stock valued at $480,000 after buying an additional 7,755 shares during the period. Finally, Corebridge Financial Inc. increased its position in Cartesian Therapeutics by 32.6% during the 4th quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock valued at $92,000 after purchasing an additional 1,258 shares during the period. 86.95% of the stock is currently 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.