BTIG Research Boosts Cartesian Therapeutics (NASDAQ:RNAC) Price Target to $44.00

Cartesian Therapeutics (NASDAQ:RNAC) had its price objective boosted by BTIG Research from $42.00 to $44.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 489.81% from the stock’s current price.

Other equities analysts have also issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, October 8th. Wall Street Zen lowered Cartesian Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Cartesian Therapeutics Stock Performance

Cartesian Therapeutics stock opened at $7.46 on Friday. Cartesian Therapeutics has a fifty-two week low of $5.98 and a fifty-two week high of $26.50. The stock has a market cap of $193.99 million, a P/E ratio of -4.78 and a beta of 0.44. The firm’s fifty day moving average price is $9.15 and its 200-day moving average price is $10.38.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.57). The company had revenue of $0.45 million during the quarter, compared to analyst estimates of $0.18 million. On average, analysts predict that Cartesian Therapeutics will post 4.56 earnings per share for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtus Investment Advisers LLC boosted its position in Cartesian Therapeutics by 12.5% during the 2nd quarter. Virtus Investment Advisers LLC now owns 9,183 shares of the company’s stock valued at $95,000 after buying an additional 1,023 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Cartesian Therapeutics by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 20,937 shares of the company’s stock valued at $276,000 after acquiring an additional 1,530 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cartesian Therapeutics by 9.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 29,303 shares of the company’s stock worth $386,000 after purchasing an additional 2,500 shares during the period. AlphaQuest LLC grew its stake in shares of Cartesian Therapeutics by 64.6% in the third quarter. AlphaQuest LLC now owns 6,924 shares of the company’s stock worth $71,000 after purchasing an additional 2,717 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Cartesian Therapeutics by 27.5% during the 1st quarter. Rhumbline Advisers now owns 13,006 shares of the company’s stock valued at $171,000 after purchasing an additional 2,805 shares during the period. 86.95% of the stock is currently owned by institutional investors.

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.