Needham & Company LLC Reiterates “Buy” Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report released on Monday, Benzinga reports. They presently have a $42.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 150.30% from the company’s previous close.

Other analysts have also recently issued reports about the company. Mizuho initiated coverage on shares of Cartesian Therapeutics in a report on Friday, May 24th. They set a “buy” rating and a $40.00 target price on the stock. HC Wainwright cut their price objective on shares of Cartesian Therapeutics from $54.00 to $49.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. Oppenheimer downgraded Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Finally, SVB Leerink began coverage on Cartesian Therapeutics in a research report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.83.

Cartesian Therapeutics Price Performance

Shares of RNAC stock opened at $16.78 on Monday. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $42.60. The firm has a fifty day moving average of $25.75 and a 200-day moving average of $22.34.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). The business had revenue of $5.84 million during the quarter. Equities analysts predict that Cartesian Therapeutics will post 2.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Cartesian Therapeutics during the first quarter valued at approximately $31,000. Hall Laurie J Trustee acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $34,000. American International Group Inc. acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $37,000. BNP Paribas Financial Markets bought a new position in shares of Cartesian Therapeutics in the first quarter valued at $38,000. Finally, Delphi Financial Group Inc. acquired a new position in Cartesian Therapeutics during the first quarter worth $430,000. Institutional investors own 86.95% of the company’s stock.

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.