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

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $40.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 484.37% from the company’s current price.

RNAC has been the subject of a number of other reports. Cantor Fitzgerald raised shares of Cartesian Therapeutics from a “neutral” rating to an “overweight” rating and set a $16.00 price objective for the company in a report on Monday, March 9th. Wedbush reissued an “outperform” rating and set a $38.00 price target on shares of Cartesian Therapeutics in a report on Wednesday, May 27th. HC Wainwright cut their price target on shares of Cartesian Therapeutics from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cartesian Therapeutics in a report on Friday, March 27th. Finally, BTIG Research reissued a “buy” rating and set a $44.00 price target on shares of Cartesian Therapeutics in a report on Tuesday. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Cartesian Therapeutics Stock Performance

Shares of NASDAQ:RNAC traded up $0.99 during midday trading on Tuesday, reaching $6.85. 3,160,433 shares of the company’s stock were exchanged, compared to its average volume of 206,387. The company’s 50 day simple moving average is $6.80 and its two-hundred day simple moving average is $7.07. The firm has a market capitalization of $201.11 million, a PE ratio of -1.16 and a beta of 0.66. Cartesian Therapeutics has a 12 month low of $5.60 and a 12 month high of $15.57.

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

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors have recently modified their holdings of the stock. AlphaQuest LLC raised its stake in shares of Cartesian Therapeutics by 64.6% in the third quarter. AlphaQuest LLC now owns 6,924 shares of the company’s stock worth $71,000 after acquiring an additional 2,717 shares during the last quarter. R Squared Ltd bought a new position in shares of Cartesian Therapeutics in the fourth quarter worth about $74,000. Wells Fargo & Company MN raised its stake in shares of Cartesian Therapeutics by 49.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,762 shares of the company’s stock worth $85,000 after acquiring an additional 3,878 shares during the last quarter. Sei Investments Co. bought a new position in shares of Cartesian Therapeutics in the first quarter worth about $78,000. Finally, Rhumbline Advisers raised its stake in shares of Cartesian Therapeutics by 27.5% in the first quarter. Rhumbline Advisers now owns 13,006 shares of the company’s stock worth $171,000 after acquiring an additional 2,805 shares during the last quarter. 86.95% of the stock is owned by 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.