These stocks have the greatest “leverage” to rising gold prices: BofA
Investing.com - BTIG raised its price target on Cartesian Therapeutics (NASDAQ:RNAC) to $44.00 from $42.00 while maintaining a Buy rating, citing positive Phase 2 trial results for Descartes-08 in systemic lupus erythematosus (SLE). This target represents significant upside from the current share price of $7.23, though InvestingPro data shows the stock has fallen over 8% in the past week.
The Phase 2 trial showed a 100% lupus low disease activity state response and 67% disease remission in patients who reached the three-month follow-up. The treatment was well-tolerated with no cases of cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome, supporting outpatient administration without lymphodepleting chemotherapy.
Despite these positive results, Cartesian plans to pause Descartes-08 development in SLE, citing enrollment and commercial considerations, and will shift focus to initiating a Phase 2 trial in myositis. The company plans to file an Investigational New Drug application for a myositis trial by year-end 2025, with an adaptive clinical trial expected to begin in the first half of 2026.
Cartesian also reported preliminary safety data for Descartes-15, showing no significant adverse events or dose-limiting toxicities in participants, but has decided to pause its development to prioritize Descartes-08 in myasthenia gravis (MG) and myositis.
Management expects current cash to support planned operations through mid-2027, including completion of the ongoing Phase 3 AURORA trial for Descartes-08 in MG and initiation of the Phase 2 Descartes-08 myositis trial. InvestingPro data confirms the company’s strong liquidity position with a current ratio of 10.67 and more cash than debt on its balance sheet, though the company is quickly burning through cash with negative free cash flow of $68.9 million in the last twelve months. Analysts expect the company to remain unprofitable this year.
In other recent news, Cartesian Therapeutics announced significant changes within its executive team. The company has decided to eliminate the role of Chief Scientific Officer, resulting in the departure of Christopher Jewell, Ph.D. Jewell’s termination will take effect on November 14, and he will receive severance payments, including 12 months’ salary and a pro-rated bonus, as part of a separation agreement. Additionally, Cartesian Therapeutics has appointed June Seymour as the new Chief Accounting Officer, effective October 27, 2025. Seymour brings over 20 years of financial leadership experience in the life sciences sector. Her previous roles include senior vice president of finance and accounting at DNAnexus, Inc., and vice president of finance at Neogene Therapeutics Inc. Seymour’s background also includes finance roles at Autolus Ltd. and a senior management position at Ernst & Young LLP in London.
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