Wedbush Initiates Coverage on Cartesian Therapeutics (NASDAQ:RNAC)

Investment analysts at Wedbush initiated coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $38.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 180.65% from the stock’s previous close.

Other analysts have also issued research reports about the company. Needham & Company LLC decreased their price target on Cartesian Therapeutics from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. HC Wainwright restated a “buy” rating and set a $40.00 price target on shares of Cartesian Therapeutics in a report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Cartesian Therapeutics Price Performance

RNAC stock opened at $13.54 on Wednesday. Cartesian Therapeutics has a 1-year low of $8.46 and a 1-year high of $26.50. The company has a market capitalization of $351.36 million, a price-to-earnings ratio of -0.26 and a beta of 0.36. The business has a 50 day simple moving average of $10.44 and a two-hundred day simple moving average of $14.23.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Thursday, May 8th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.07). The firm had revenue of $1.10 million during the quarter, compared to analysts’ expectations of $0.69 million. Sell-side analysts anticipate that Cartesian Therapeutics will post 4.56 EPS for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of RNAC. Bank of New York Mellon Corp increased its stake in Cartesian Therapeutics by 28.5% in the fourth quarter. Bank of New York Mellon Corp now owns 19,407 shares of the company’s stock worth $348,000 after purchasing an additional 4,305 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Cartesian Therapeutics by 40.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,803 shares of the company’s stock worth $480,000 after purchasing an additional 7,755 shares during the period. Corebridge Financial Inc. increased its stake in Cartesian Therapeutics by 32.6% in the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock worth $92,000 after purchasing an additional 1,258 shares during the period. Geode Capital Management LLC increased its stake in Cartesian Therapeutics by 63.0% in the fourth quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock worth $3,963,000 after purchasing an additional 85,557 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Cartesian Therapeutics by 112.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company’s stock worth $87,000 after purchasing an additional 2,568 shares during the period. Hedge funds and other 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.