HC Wainwright Reiterates Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They currently have a $45.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 168.66% from the company’s current price.

Several other analysts also recently issued reports on the stock. Canaccord Genuity Group increased their price objective 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. Needham & Company LLC lowered their price target on shares of Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating for the company in a report on Friday, August 9th. Oppenheimer lowered shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. TD Cowen began coverage on Cartesian Therapeutics in a research note on Tuesday, August 6th. They set a “buy” rating for the company. Finally, Mizuho assumed coverage on Cartesian Therapeutics in a research report on Friday, May 24th. They set a “buy” rating and a $40.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Cartesian Therapeutics Price Performance

Shares of RNAC opened at $16.75 on Friday. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60. The company’s 50 day simple moving average is $15.21 and its 200 day simple moving average is $19.99.

Cartesian Therapeutics (NASDAQ:RNAC) last released its 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 during the quarter, compared to analysts’ expectations of $6.00 million. Sell-side analysts predict that Cartesian Therapeutics will post 3.99 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Cartesian Therapeutics

Large investors have recently added to or reduced their stakes in the company. Logos Global Management LP acquired a new stake in shares of Cartesian Therapeutics during the second quarter worth $2,431,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at about $49,000. Cubist Systematic Strategies LLC acquired a new stake in Cartesian Therapeutics during the second quarter worth about $351,000. Point72 DIFC Ltd bought a new position in Cartesian Therapeutics in the second quarter worth about $47,000. Finally, Marshall Wace LLP acquired a new position in Cartesian Therapeutics in the second quarter valued at approximately $811,000. 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.