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On Wednesday, H.C. Wainwright maintained its positive stance on Cartesian Therapeutics (NASDAQ:RNAC), reiterating a Buy rating and a $45.00 price target. The endorsement follows Cartesian's announcement on Tuesday that the first patient has been dosed in the Phase 1 trial of Descartes-15 for treating multiple myeloma (MM).
Descartes-15 is an advanced mRNA-engineered autologous BCMA-targeted CAR-T therapy, which in preclinical models, has shown the potential for up to ten times the potency of its predecessor, Descartes-08.
The Phase 1 trial of Descartes-15 is currently being conducted with MM patients, but Cartesian plans future developments in the autoimmune disease setting. The design of the trial allows for high-dose escalations that aim to delineate the therapeutic window and dosing constraints applicable to autoimmune conditions.
Moreover, Cartesian intends to test a dose of Descartes-15 that matches the level used for Descartes-08, facilitating direct comparisons between the two therapies.
The successful replication of preclinical pharmacokinetic effects of Descartes-15 in clinical settings could lead to a more substantial clinical impact for patients with autoimmune diseases, assuming the treatment is effective. While Descartes-15 is not yet factored into H.C. Wainwright's financial model for Cartesian, the firm notes that the program represents an additional opportunity for Cartesian to achieve its objective of developing an mRNA-engineered, BCMA-targeted cell therapy for autoimmune diseases.
In light of this recent development, H.C. Wainwright has reiterated its confidence in Cartesian Therapeutics with a Buy rating and a 12-month price target of $45, emphasizing the potential of Descartes-15 to demonstrate enhanced potency and effectiveness in both multiple myeloma and autoimmune diseases.
In other recent news, biotech firm Cartesian Therapeutics has made significant strides in its clinical trials and financial endeavors. The company has initiated a Phase 1 trial for Descartes-15, a novel mRNA-engineered therapy for multiple myeloma, and reported positive Phase 2b trial results for Descartes-08, a treatment for myasthenia gravis. Cartesian has also secured a $130 million private investment in public equity financing deal.
In the realm of financial analysis, the company's stock has received a Buy rating from TD Cowen, while Needham trimmed its price target to $41, and H.C. Wainwright cut its target to $49. Mizuho maintained an Outperform rating and a $40.00 price target for the company.
Cartesian Therapeutics has also announced the addition of Dr. Kemal Malik to its Board of Directors.
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