H.C. Wainwright cuts Cartesian target, calls shares ‘mispriced’

H.C. Wainwright lowered the firm’s price target on Cartesian Therapeutics (RNAC) to $30 from $40 and keeps a Buy rating on the shares. The firm says Cartesian one of the most “mispriced assets” it has “seen in years.” It is “highly unusual for a registration-aligned Phase 3 program with high likelihood of approvability to trade” at a $50M enterprise value, the analyst tells investors in a research note. H.C. Wainwright says that with 100,000 myasthenia gravis patients in the domestic population and a market “rapidly shifting to immunology agents that offer durable disease control,” it sees Cartesian’s current valuation as “disproportionate to the commercial opportunity and the degree of clinical risk-mitigation.”