Jul. 9 at 10:20 PM
$RNAC Shares of Cartesian Therapeutics rise,
Wedbush initiated the Frederick, Maryland-based biotech with an Overweight recommendation and a
$38 price target, citing its mRNA cell therapy platform targeted at autoimmune diseases.
Wedbush analyst Martin Fan argued that with lower cost of sales, improved safety, redosing potential, and no requirement for conditioning, mRNA cell therapies, unlike DNA-based CAR-T cell therapies, offer distinct advantages.
The analyst added that Cartesian’s (NASDAQ:RNAC) lead asset, Descartes-08, has outperformed FDA-approved biologics in a mid-stage trial for myasthenia gravis and that enrollments in a Phase 3 trial for the drug are currently underway.
Seeing further upside if Descartes-08 is targeted at other autoimmune indications, Fan wrote, “With no conditioning requirement, re-dosing capabilities, and an ongoing Phase 3 trial, we believe RNAC could be the first cell therapy company to achieve widespread use in autoimmune diseases.”
