Needham & Company LLC Has Lowered Expectations for Cartesian Therapeutics (NASDAQ:RNAC) Stock Price

Cartesian Therapeutics (NASDAQ:RNAC) had its target price lowered by investment analysts at Needham & Company LLC from $41.00 to $40.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 301.20% from the company’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $40.00 target price on shares of Cartesian Therapeutics in a research report on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

Cartesian Therapeutics Stock Performance

Shares of Cartesian Therapeutics stock opened at $9.97 on Thursday. The company has a market cap of $258.59 million, a PE ratio of -0.19 and a beta of 0.51. The business has a 50-day simple moving average of $13.09 and a 200-day simple moving average of $17.09. Cartesian Therapeutics has a one year low of $8.85 and a one year high of $41.87.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Thursday, May 8th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.07). The company had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $0.69 million. On average, sell-side analysts predict that Cartesian Therapeutics will post 4.56 earnings per share for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtus ETF Advisers LLC purchased a new stake in shares of Cartesian Therapeutics during the fourth quarter worth approximately $63,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Cartesian Therapeutics by 22.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company’s stock worth $82,000 after acquiring an additional 847 shares during the period. Wells Fargo & Company MN raised its holdings in Cartesian Therapeutics by 112.7% during the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company’s stock worth $87,000 after purchasing an additional 2,568 shares in the last quarter. Corebridge Financial Inc. lifted its position in Cartesian Therapeutics by 32.6% in the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company’s stock valued at $92,000 after purchasing an additional 1,258 shares during the period. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Cartesian Therapeutics in the 4th quarter valued at approximately $97,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.