Analysts Set Cartesian Therapeutics, Inc. (NASDAQ:RNAC) PT at $43.00

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) has been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $43.00.

A number of research firms recently issued reports on RNAC. TD Cowen started coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They issued a “buy” rating on the stock. Needham & Company LLC cut their target price on shares of Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Canaccord Genuity Group boosted their target price on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. HC Wainwright restated a “buy” rating and set a $45.00 target price on shares of Cartesian Therapeutics in a research report on Friday. Finally, Mizuho started coverage on shares of Cartesian Therapeutics in a research report on Friday, May 24th. They set a “buy” rating and a $40.00 target price for the company.

Insiders Place Their Bets

In other news, Director Timothy A. Springer purchased 8,016 shares of the company’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $12.72 per share, for a total transaction of $101,963.52. Following the completion of the transaction, the director now directly owns 11,509 shares in the company, valued at approximately $146,394.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 61.10% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in shares of Cartesian Therapeutics in the first quarter worth $31,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics in the first quarter worth $37,000. BNP Paribas Financial Markets purchased a new position in shares of Cartesian Therapeutics in the first quarter worth $38,000. Point72 DIFC Ltd purchased a new position in shares of Cartesian Therapeutics in the second quarter worth $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cartesian Therapeutics in the second quarter worth $49,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Stock Up 4.2 %

Shares of NASDAQ RNAC opened at $16.75 on Thursday. The firm’s 50-day moving average price is $15.21 and its 200-day moving average price is $19.99. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35. The company had revenue of $33.45 million for the quarter, compared to analysts’ expectations of $6.00 million. As a group, equities research analysts forecast that Cartesian Therapeutics will post 3.99 EPS for the current year.

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.