Analyst Gil Blum of Needham maintained a Buy rating on Cartesian Therapeutics, retaining the price target of $40.00.
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Gil Blum’s rating is based on Cartesian Therapeutics’ strategic decision to refocus its resources on more promising areas, such as myasthenia gravis (MG) and newly added myositis, rather than continuing with less promising indications like systemic lupus erythematosus (SLE). This shift in focus is deemed sensible given the company’s current cash position. The rapid reductions observed in SLDAI-2K and PGA in patients treated with Descartes-08, even without lymphodepletion, highlight the potential of their therapies.
Furthermore, the decision to pause the development of Descartes-15 allows Cartesian Therapeutics to concentrate on their lead indications, which could enhance their chances of success. This strategic realignment is seen as a positive move, indicating a more targeted approach that could lead to better outcomes and potentially increase the company’s value. These factors combined contribute to Gil Blum’s Buy rating for Cartesian Therapeutics.
In another report released on November 6, Mizuho Securities also reiterated a Buy rating on the stock with a $40.00 price target.