Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Stock Rated “Moderate Buy” by Wall Street Brokerages

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been given a consensus recommendation of “Moderate Buy” by the seven analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $32.60.

Several research analysts recently commented on the company. Zacks Research upgraded Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded Cartesian Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Cartesian Therapeutics in a report on Wednesday, September 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. Finally, Wedbush reiterated an “outperform” rating and set a $38.00 target price on shares of Cartesian Therapeutics in a research note on Tuesday, August 18th.

Cartesian Therapeutics Stock Up 11.1%

Shares of RNAC traded up $0.75 during mid-day trading on Friday, reaching $7.53. 121,614 shares of the stock traded hands, compared to its average volume of 129,075. The firm has a market cap of $227.78 million, a price-to-earnings ratio of -1.52 and a beta of 0.74. The stock has a fifty day simple moving average of $7.40 and a 200 day simple moving average of $7.64. Cartesian Therapeutics has a 12-month low of $5.60 and a 12-month high of $11.00.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its earnings results on Thursday, November 5th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.63. On average, equities research analysts expect that Cartesian Therapeutics will post -3.15 earnings per share for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Privium Fund Management B.V. boosted its stake in Cartesian Therapeutics by 2.2% during the 3rd quarter. Privium Fund Management B.V. now owns 155,000 shares of the company’s stock valued at $1,118,000 after acquiring an additional 3,325 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth about $332,000. Squarepoint Ops LLC increased its position in shares of Cartesian Therapeutics by 0.7% in the 2nd quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock worth $23,493,000 after purchasing an additional 16,133 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Cartesian Therapeutics by 63.7% in the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock valued at $414,000 after purchasing an additional 26,200 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at about $78,000. 86.95% of the stock is owned by institutional investors and hedge funds.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. The company’s platform is designed to program a patient’s own immune cells with messenger RNA, enabling the development of cell therapies that are intended to provide targeted treatment without permanent genetic modification.

Cartesian’s lead product candidate is Descartes-08, an autologous CAR T-cell therapy that targets B-cell maturation antigen (BCMA).