Zacks Research Downgrades Cartesian Therapeutics (NASDAQ:RNAC) to Strong Sell

Cartesian Therapeutics (NASDAQ:RNAC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the stock. Wall Street Zen raised shares of Cartesian Therapeutics from a “strong sell” rating to a “sell” rating in a report on Sunday, June 14th. Weiss Ratings raised Cartesian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 12th. BTIG Research reaffirmed a “buy” rating and set a $44.00 price objective on shares of Cartesian Therapeutics in a research report on Tuesday, June 9th. Wedbush reiterated an “outperform” rating and set a $38.00 price target on shares of Cartesian Therapeutics in a report on Wednesday, June 10th. Finally, HC Wainwright dropped their price objective on Cartesian Therapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $32.60.

Cartesian Therapeutics Trading Down 2.3%

RNAC opened at $10.18 on Tuesday. The business’s 50 day moving average is $7.81 and its 200-day moving average is $7.30. The stock has a market cap of $299.09 million, a PE ratio of -1.73 and a beta of 0.59. Cartesian Therapeutics has a twelve month low of $5.60 and a twelve month high of $15.57.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.62). The firm had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.22 million. As a group, analysts forecast that Cartesian Therapeutics will post -4.09 EPS for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Privium Fund Management B.V. bought a new position in shares of Cartesian Therapeutics during the 4th quarter worth about $1,244,000. R Squared Ltd acquired a new position in Cartesian Therapeutics during the fourth quarter worth $74,000. Rhumbline Advisers lifted 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 last quarter. Bank of America Corp DE boosted its holdings in shares of Cartesian Therapeutics by 133.0% in the 2nd quarter. Bank of America Corp DE now owns 13,933 shares of the company’s stock worth $145,000 after acquiring an additional 7,952 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Cartesian Therapeutics in the fourth quarter worth $131,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

About Cartesian Therapeutics

Cartesian Therapeutics, trading on NASDAQ under the symbol RNAC, is a clinical‐stage biotechnology company specializing in the development of messenger RNA (mRNA)-based therapeutics. The company leverages a proprietary RNA delivery platform to induce the production of therapeutic proteins within patients, aiming to address a range of diseases through in vivo expression of disease-modifying agents. Cartesian’s technology is designed to optimize mRNA stability, translation efficiency and targeted delivery, with potential applications spanning oncology, autoimmune disorders and rare genetic conditions.

At the core of Cartesian’s approach is a synthetic mRNA platform that incorporates proprietary lipid nanoparticle (LNP) formulations.