Cartesian Therapeutics (NASDAQ:RNAC) Announces Earnings Results

Cartesian Therapeutics (NASDAQ:RNAC) announced its quarterly earnings results on Thursday. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.57), Zacks reports. The business had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.18 million.

Cartesian Therapeutics Trading Up 4.2%

Shares of Cartesian Therapeutics stock traded up $0.32 on Friday, hitting $7.87. The stock had a trading volume of 101,822 shares, compared to its average volume of 86,848. The stock has a market cap of $204.64 million, a price-to-earnings ratio of -9.05 and a beta of 0.44. Cartesian Therapeutics has a 52-week low of $5.98 and a 52-week high of $26.50. The company’s 50 day moving average price is $9.43 and its 200 day moving average price is $10.54.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $40.00.

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its stake in Cartesian Therapeutics by 27.5% in the 1st quarter. Rhumbline Advisers now owns 13,006 shares of the company’s stock valued at $171,000 after buying an additional 2,805 shares during the period. Bank of America Corp DE boosted its holdings in shares of Cartesian Therapeutics by 133.0% in the second quarter. Bank of America Corp DE now owns 13,933 shares of the company’s stock valued at $145,000 after acquiring an additional 7,952 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Cartesian Therapeutics by 114.0% in the second quarter. Marshall Wace LLP now owns 82,630 shares of the company’s stock valued at $859,000 after acquiring an additional 44,025 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Cartesian Therapeutics by 4.9% during the third quarter. Vanguard Group Inc. now owns 520,722 shares of the company’s stock worth $5,322,000 after acquiring an additional 24,356 shares during the period. Hedge funds and other institutional investors own 86.95% of the company’s stock.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.