Cartesian Therapeutics (NASDAQ:RNAC) Downgraded by Oppenheimer to “Market Perform”

Oppenheimer cut shares of Cartesian Therapeutics (NASDAQ:RNAC) from an outperform rating to a market perform rating in a research note published on Tuesday morning, Marketbeat.com reports.

RNAC has been the subject of several other reports. HC Wainwright reaffirmed a buy rating and issued a $54.00 target price on shares of Cartesian Therapeutics in a report on Monday, June 17th. Mizuho initiated coverage on Cartesian Therapeutics in a report on Friday, May 24th. They issued a buy rating and a $40.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 target price on shares of Cartesian Therapeutics in a report on Monday. Leerink Partnrs reaffirmed an outperform rating on shares of Cartesian Therapeutics in a report on Tuesday, April 23rd. Finally, SVB Leerink initiated coverage on Cartesian Therapeutics in a report on Tuesday, April 23rd. They issued an outperform rating and a $39.00 target price for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $45.00.

Cartesian Therapeutics Price Performance

Shares of Cartesian Therapeutics stock opened at $15.77 on Tuesday. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60. The business has a 50 day moving average price of $26.06 and a 200-day moving average price of $22.45.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($1.97) EPS for the quarter, missing the consensus estimate of ($0.81) by ($1.16). The firm had revenue of $5.84 million during the quarter. As a group, equities research analysts expect that Cartesian Therapeutics will post 2.28 EPS for the current year.

Hedge Funds Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Artal Group S.A. bought a new position in shares of Cartesian Therapeutics in the first quarter worth $5,939,000. Vanguard Group Inc. bought a new position in shares of Cartesian Therapeutics in the first quarter worth $4,105,000. Delphi Financial Group Inc. bought a new position in shares of Cartesian Therapeutics in the first quarter worth $430,000. BNP Paribas Financial Markets bought a new position in shares of Cartesian Therapeutics in the first quarter worth $38,000. Finally, American International Group Inc. bought a new position in shares of Cartesian Therapeutics in the first quarter worth $37,000. 86.95% of the stock is owned by 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.