H.C. Wainwright Reiterates Buy Rating on Cartesian Therapeutics (RNAC)

H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $45.00 price target on Cartesian Therapeutics (NASDAQ: RNAC).

The analyst commented: "Yesterday, Cartesian announced that the first patient has been dosed in the company’s Phase 1 trial of Descartes-15 in multiple myeloma (MM)—Cartesian’s next-generation mRNA-engineered autologous BCMA-targeted CAR-T therapy. Descartes-15 has been engineered to have the potential to provide up to 10x more potency relative to first-generation Descartes-08, which has been demonstrated in preclinical models. While the Phase 1 of Descartes-15 is being conducted in MM patients, future development would be conducted in the autoimmune setting. We believe that testing Descartes-15 in MM allows for the potential to escalate to high doses that could better showcase the limits of the therapeutic window and the restrictions on dosing in the autoimmune setting. Importantly, one of the doses that Cartesian will test for Descartes-15 shall be equivalent to the dose level tested for Descartes-08, allowing for easier comparisons. If the preclinical pharmacokinetic (PK) effects of Descartes-15 are broadly replicated in the clinic, this agent could drive a more significant clinical effect in patients with autoimmune conditions if proven effective. We currently do not include Descartes-15 in our model, but note that this program provides an additional shot on goal for Cartesian's aim at developing an mRNA-engineered, BCMA-targeted cell therapy in the autoimmune setting. In the wake of this update, we reiterate our Buy rating and 12-month price target of $45."

For an analyst ratings summary and ratings history on Cartesian Therapeutics click here. For more ratings news on Cartesian Therapeutics click here.

Shares of Cartesian Therapeutics closed at $13.12 yesterday.

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