Leerink Partnrs Reaffirms Outperform Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Leerink Partnrs reiterated their outperform rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report sent to investors on Tuesday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Cartesian Therapeutics’ Q1 2024 earnings at ($1.34) EPS, Q2 2024 earnings at ($1.38) EPS, Q3 2024 earnings at ($1.27) EPS, Q4 2024 earnings at ($1.09) EPS, FY2024 earnings at ($5.03) EPS, FY2025 earnings at ($4.86) EPS, FY2026 earnings at ($5.58) EPS and FY2027 earnings at ($7.10) EPS.

A number of other equities analysts have also commented on the company. SVB Leerink began coverage on Cartesian Therapeutics in a report on Tuesday. They issued an outperform rating and a $39.00 price target for the company. HC Wainwright lifted their target price on Cartesian Therapeutics from $2.00 to $54.00 and gave the company a buy rating in a report on Tuesday. Finally, Needham & Company LLC assumed coverage on shares of Cartesian Therapeutics in a research report on Tuesday, April 9th. They issued a buy rating and a $42.00 price objective for the company.

Cartesian Therapeutics Stock Up 0.6 %

Shares of RNAC opened at $21.03 on Tuesday. Cartesian Therapeutics has a fifty-two week low of $11.66 and a fifty-two week high of $42.60. The business has a 50-day moving average price of $19.20.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its earnings results on Thursday, March 7th. The company reported ($2.40) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($2.10). Cartesian Therapeutics had a negative return on equity of 58.21% and a negative net margin of 845.01%. The business had revenue of $8.27 million during the quarter. Sell-side analysts expect that Cartesian Therapeutics will post -3.21 earnings per share for the current year.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer bought 21,612 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average cost of $16.20 per share, for a total transaction of $350,114.40. Following the completion of the transaction, the director now directly owns 1,017,228 shares in the company, valued at approximately $16,479,093.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired a total of 22,472 shares of company stock valued at $365,981 in the last 90 days. Corporate insiders own 31.20% of the company’s stock.

Institutional Investors Weigh In On Cartesian Therapeutics

A hedge fund recently bought a new stake in Cartesian Therapeutics stock. Hall Laurie J Trustee purchased a new position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 52,775 shares of the company’s stock, valued at approximately $34,000. Hall Laurie J Trustee owned about 0.98% of Cartesian Therapeutics as of its most recent SEC filing. 86.95% of the stock is owned by hedge funds and other institutional investors.

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.