Cartesian Therapeutics’ (RNAC) Buy Rating Reaffirmed at Needham & Company LLC

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $41.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 295.75% from the stock’s previous close.

RNAC has been the topic of several other research reports. BTIG Research started coverage on Cartesian Therapeutics in a research note on Thursday, December 19th. They set a “buy” rating and a $42.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Cartesian Therapeutics in a research note on Wednesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.14.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $10.36 on Wednesday. The firm has a 50 day simple moving average of $16.22 and a 200 day simple moving average of $18.44. Cartesian Therapeutics has a fifty-two week low of $8.85 and a fifty-two week high of $41.87. The firm has a market cap of $268.40 million, a P/E ratio of -0.20 and a beta of 0.55.

Hedge Funds Weigh In On Cartesian Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. MPM Bioimpact LLC lifted its holdings in Cartesian Therapeutics by 14.6% during the fourth quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock worth $12,916,000 after acquiring an additional 91,716 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Cartesian Therapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 309,018 shares of the company’s stock valued at $4,981,000 after purchasing an additional 2,688 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Cartesian Therapeutics by 63.0% in the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock valued at $3,963,000 after purchasing an additional 85,557 shares during the period. State Street Corp increased its stake in Cartesian Therapeutics by 2.5% during the 3rd quarter. State Street Corp now owns 157,495 shares of the company’s stock worth $2,539,000 after purchasing an additional 3,830 shares in the last quarter. Finally, 683 Capital Management LLC raised its holdings in Cartesian Therapeutics by 65.7% during the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock worth $2,239,000 after buying an additional 49,569 shares during the period. Institutional investors and hedge funds 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.