Cartesian Therapeutics’ (RNAC) Buy Rating Reiterated at HC Wainwright

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They presently have a $54.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 147.03% from the stock’s previous close.

A number of other brokerages have also recently weighed in on RNAC. SVB Leerink initiated coverage on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of Cartesian Therapeutics in a report on Wednesday. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd.

Cartesian Therapeutics Price Performance

Shares of NASDAQ:RNAC traded down $1.39 during trading on Thursday, hitting $21.86. 44,221 shares of the stock were exchanged, compared to its average volume of 50,750. The company has a fifty day simple moving average of $19.44. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($2.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($2.10). The firm had revenue of $8.27 million during the quarter. Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. On average, equities analysts anticipate that Cartesian Therapeutics will post -3.21 earnings per share for the current year.

Insider Activity

In related news, Director Timothy A. Springer bought 21,612 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $16.20 per share, for a total transaction of $350,114.40. Following the completion of the acquisition, the director now owns 1,017,228 shares in the company, valued at $16,479,093.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 22,446 shares of company stock valued at $365,474 over the last quarter. Company insiders own 31.20% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Delphi Financial Group Inc. purchased a new stake in Cartesian Therapeutics during the 1st quarter worth $430,000. BNP Paribas Financial Markets acquired a new stake in shares of Cartesian Therapeutics in the first quarter valued at about $38,000. Hall Laurie J Trustee acquired a new position in Cartesian Therapeutics during the 1st quarter worth approximately $34,000. Finally, SG Americas Securities LLC purchased a new position in Cartesian Therapeutics in the 1st quarter worth approximately $31,000. 86.95% of the stock is currently owned by institutional investors and hedge funds.

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.