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On Monday, H.C. Wainwright analysts reiterated their Buy rating and a $40.00 price target for Cartesian Therapeutics (NASDAQ: RNAC), suggesting significant upside from the current price of $9.56. The stock has seen challenging times, down over 70% in the past year, but analyst consensus remains bullish with targets ranging from $16 to $42. This follows the company’s announcement late last week regarding the enrollment of the first participant in its Phase 3 AURORA trial of Descartes-08 for myasthenia gravis (MG) patients.
The AURORA trial marks a significant milestone for Cartesian as it proceeds on schedule, aligning with previous guidance to commence in the second quarter of 2025. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 12.34, and holds more cash than debt on its balance sheet, providing financial flexibility for this crucial trial phase. Descartes-08, a leading cell therapy candidate for Cartesian, is an autologous engineered chimeric antigen receptor T-cell therapy (CAR-T) targeting B-cell maturation antigen (BCMA). Notably, the therapy can be administered without preconditioning chemotherapy in an outpatient setting.
Designed to evaluate Descartes-08 against a placebo, the Phase 3 trial involves a 1:1 randomization and will include approximately 100 participants with acetylcholine receptor autoantibody positive MG. The primary endpoint will measure the proportion of Descartes-08 participants achieving an improvement of three points or more in the MG Activities of Daily Living (MG-ADL) score at the four-month mark compared to placebo.
In April, Cartesian shared updated efficacy and safety data from its Phase 2b trial of Descartes-08. Participants showed sustained deep responses, with an average 4.8-point reduction in the MG-ADL score at 12 months. Those without prior exposure to biologic therapies experienced a more substantial average reduction of 7.1 points, with 57% maintaining minimal symptom expression at one year. The safety profile of Descartes-08 remains consistent with prior data, supporting its outpatient administration. While the company reported revenue of $34.17M in the last twelve months, InvestingPro analysis reveals 11 additional key insights about RNAC’s financial health and market position. Unlock these exclusive insights and detailed financial metrics with an InvestingPro subscription.
In other recent news, Cartesian Therapeutics has been actively advancing its clinical programs and undergoing notable corporate changes. BTIG analyst Julian Harrison reaffirmed a Buy rating on Cartesian Therapeutics with a price target of $42. This comes as the company enrolls its first patient in the Phase 3 AURORA trial for Descartes-08, targeting myasthenia gravis. The trial’s design includes critical elements that may improve outcomes compared to previous studies. Meanwhile, Cartesian Therapeutics announced that its Chief Technology Officer, Dr. Metin Kurtoglu, will transition to a consulting role starting May 1, 2025.
Cantor Fitzgerald maintained an Overweight rating on Cartesian Therapeutics, with a consistent price target of $22. This decision follows an update to their financial model based on the latest quarterly performance. Additionally, H.C. Wainwright adjusted their price target for Cartesian Therapeutics to $40 from $45, while maintaining a Buy rating. The firm highlighted the significance of the ongoing AURORA trial and other clinical milestones for Descartes-08, including its potential applications in systemic lupus erythematosus and pediatric autoimmune diseases. These developments reflect Cartesian Therapeutics’ focus on expanding its therapeutic pipeline and addressing various medical conditions.
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