HC Wainwright Lowers Cartesian Therapeutics (NASDAQ:RNAC) Price Target to $49.00

Cartesian Therapeutics (NASDAQ:RNAC) had its price objective cut by equities researchers at HC Wainwright from $54.00 to $49.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 178.09% from the company’s current price.

Several other research analysts have also recently issued reports on RNAC. Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of Cartesian Therapeutics in a report on Monday. Canaccord Genuity Group lifted their price target on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday. Oppenheimer cut shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday. Mizuho assumed coverage on shares of Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, SVB Leerink assumed coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. They issued an “outperform” rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $43.83.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $17.62 on Wednesday. Cartesian Therapeutics has a 12-month low of $11.66 and a 12-month high of $42.60. The company’s 50-day moving average price is $25.93 and its 200-day moving average price is $22.38.

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

Hedge Funds Weigh In On Cartesian Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Artal Group S.A. purchased a new position in Cartesian Therapeutics during the first quarter valued at $5,939,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth about $37,000. Vanguard Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth about $4,105,000. SG Americas Securities LLC purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth about $31,000. Finally, Delphi Financial Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter worth about $430,000. 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.