Cartesian Therapeutics (NASDAQ:RNAC) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of Cartesian Therapeutics (NASDAQ:RNAC) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

RNAC has been the subject of a number of other reports. Wedbush restated an “outperform” rating and issued a $38.00 price objective on shares of Cartesian Therapeutics in a report on Wednesday, June 10th. Cantor Fitzgerald raised shares of Cartesian Therapeutics from a “neutral” rating to an “overweight” rating and set a $16.00 price target for the company in a research note on Monday, March 9th. BTIG Research restated a “buy” rating and set a $44.00 price target on shares of Cartesian Therapeutics in a research report on Tuesday, June 9th. Wall Street Zen raised Cartesian Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 14th. Finally, HC Wainwright decreased their price objective on Cartesian Therapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $32.60.

Cartesian Therapeutics Trading Down 2.3%

Shares of NASDAQ RNAC opened at $10.18 on Tuesday. The stock has a market cap of $299.09 million, a price-to-earnings ratio of -1.73 and a beta of 0.59. Cartesian Therapeutics has a 1-year low of $5.60 and a 1-year high of $15.57. The stock’s 50-day moving average is $7.81 and its 200 day moving average is $7.30.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, April 30th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.62). The company had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.22 million. On average, analysts forecast that Cartesian Therapeutics will post -4.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its holdings in Cartesian Therapeutics by 63.7% during the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock valued at $414,000 after buying an additional 26,200 shares during the last quarter. Sei Investments Co. purchased a new position in shares of Cartesian Therapeutics in the first quarter valued at about $78,000. Millennium Management LLC increased its position in shares of Cartesian Therapeutics by 548.2% in the fourth quarter. Millennium Management LLC now owns 164,366 shares of the company’s stock valued at $1,185,000 after acquiring an additional 139,009 shares during the period. 683 Capital Management LLC raised its stake in shares of Cartesian Therapeutics by 21.7% during the fourth quarter. 683 Capital Management LLC now owns 280,000 shares of the company’s stock valued at $2,019,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Jain Global LLC bought a new position in shares of Cartesian Therapeutics during the fourth quarter valued at about $121,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, trading on NASDAQ under the symbol RNAC, is a clinical?stage biotechnology company specializing in the development of messenger RNA (mRNA)-based therapeutics. The company leverages a proprietary RNA delivery platform to induce the production of therapeutic proteins within patients, aiming to address a range of diseases through in vivo expression of disease-modifying agents. Cartesian’s technology is designed to optimize mRNA stability, translation efficiency and targeted delivery, with potential applications spanning oncology, autoimmune disorders and rare genetic conditions.

At the core of Cartesian’s approach is a synthetic mRNA platform that incorporates proprietary lipid nanoparticle (LNP) formulations.