Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Cartesian Therapeutics. The associated price target remains the same with $40.00.
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Mitchell Kapoor’s rating is based on several promising developments at Cartesian Therapeutics. The ongoing Phase 3 AURORA trial for Descartes-08 in myasthenia gravis (MG) is a significant factor, with the company having already enrolled the first patient and expecting a primary readout four months after the last patient is dosed. The trial aims to demonstrate a meaningful improvement in MG Activities of Daily Living scores, building on positive Phase 2b results that showed substantial and sustained symptom reduction.
Additionally, Cartesian’s financial health supports the Buy rating, with cash reserves expected to fund operations through mid-2027, covering the duration of the AURORA trial. The company’s recent financial performance exceeded expectations, reporting a net income of $15.9M against a projected net loss. Furthermore, Cartesian’s strategic initiatives, including the Phase 2 SLE trial and the pediatric basket trial, highlight its potential for growth in addressing unmet needs in autoimmune diseases. These factors, combined with a robust safety profile and a calculated enterprise value, underpin the optimistic outlook reflected in the Buy rating.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $40.00 price target.