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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $42.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 55.50% from the stock’s previous close.

Several other research firms have also commented on RNAC. SVB Leerink began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $54.00 target price on shares of Cartesian Therapeutics in a report on Monday, June 17th. Mizuho started coverage on shares of Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 target price for the company. Leerink Partnrs restated an “outperform” rating on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. Finally, Oppenheimer restated an “outperform” rating and issued a $50.00 target price on shares of Cartesian Therapeutics in a report on Monday, June 24th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Cartesian Therapeutics has a consensus rating of “Buy” and a consensus target price of $45.00.

Cartesian Therapeutics Stock Down 5.3 %

RNAC opened at $27.01 on Monday. The company has a fifty day moving average of $26.04 and a 200 day moving average of $22.48. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RNAC. SG Americas Securities LLC purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $31,000. Hall Laurie J Trustee purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $34,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $37,000. BNP Paribas Financial Markets purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $38,000. Finally, Delphi Financial Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth approximately $430,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Cartesian Therapeutics Company Profile

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.