Cartesian Therapeutics (NASDAQ:RNAC) Earns Outperform Rating from Analysts at SVB Leerink

Equities researchers at SVB Leerink began coverage on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a note issued to investors on Tuesday, Briefing.com reports. The brokerage set an “outperform” rating and a $39.00 price target on the stock. SVB Leerink’s target price would suggest a potential upside of 113.58% from the company’s current price.

A number of other research firms have also issued reports on RNAC. Needham & Company LLC initiated coverage on shares of Cartesian Therapeutics in a research note on Tuesday, April 9th. They issued a “buy” rating and a $42.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $60.00 target price on shares of Cartesian Therapeutics in a research note on Monday, March 18th.

Cartesian Therapeutics Stock Performance

NASDAQ RNAC opened at $18.26 on Tuesday. The company’s 50-day moving average is $19.33. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($2.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($2.10). Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. The company had revenue of $8.27 million during the quarter. Analysts anticipate that Cartesian Therapeutics will post -1.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 21,612 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $16.20 per share, with a total value of $350,114.40. Following the acquisition, the director now directly owns 1,017,228 shares of the company’s stock, valued at approximately $16,479,093.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased 22,472 shares of company stock worth $365,981 over the last three months. Company insiders own 31.20% 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.