Wedbush bullish on Cartesian Therapeutics, initiates with an Outperform

As previously reported, Wedbush initiated coverage of Cartesian Therapeutics (RNAC) with an Outperform rating and $38 price target With no conditioning requirement, re-dosing capabilities, and an ongoing Phase 3 trial, the firm believes Cartesian Therapeutics could be the first cell therapy company to achieve widespread use in autoimmune diseases. Wedbush notes that a Phase 2 trial in myasthenia gravis yielded deeper responses than benchmarks for approved biologics, and a registrational Phase 3 trial is enrolling. Further upside is possible from expansion into other autoimmune indications. A Phase 2 trial in lupus will have initial data in the second half of 2025, while a Phase 2 pediatric basket trial is enrolling across multiple indications.