Stock market today: S&P 500 closer lower on fresh economic concerns
Selecta Biosciences Inc . (NASDAQ:RNAC) stock has reached a new 52-week low, touching down at $11.65. According to InvestingPro data, the stock’s RSI indicates oversold territory, while the company maintains a strong liquidity position with a current ratio of 9.43. This latest price movement reflects a continued downward trend for the biotechnology company, which has seen a significant decrease of -14.95% in its stock value over the past year. Despite the decline, the company achieved impressive revenue growth of nearly 50% in the last twelve months. Investors are closely monitoring the company’s performance, as it navigates through a challenging period marked by this notable decline in market confidence. The 52-week low serves as a critical point for Selecta Biosciences, potentially attracting value investors looking for a turnaround or signaling further caution for those concerned about the company’s future prospects. InvestingPro analysis suggests the stock is currently undervalued, with analyst targets indicating potential upside. Subscribers can access 8 additional ProTips and comprehensive financial metrics to make more informed investment decisions.
In other recent news, Cartesian Therapeutics has been the focus of several analyst updates. Cantor Fitzgerald reaffirmed its Overweight rating on the company, maintaining a price target of $22.00. This decision followed a routine update to their financial model, reflecting the company’s latest quarterly performance and guidance. Meanwhile, H.C. Wainwright adjusted its price target for Cartesian Therapeutics to $40 from the previous $45, while maintaining a Buy rating. This revision coincides with the company’s ongoing Phase 3 AURORA trial for its lead candidate, Descartes-08, in treating myasthenia gravis. The trial is significant as it may lead to a regulatory filing, with long-term results being crucial for commercial success. Additionally, Cartesian Therapeutics received a written agreement from the FDA regarding the trial design, which is a positive step toward a future Biologics License Application. These developments underscore the analysts’ continued confidence in Cartesian Therapeutics’ potential growth and progress in its clinical programs.
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