Cartesian Therapeutics (NASDAQ:RNAC) Trading Down 4.8% – Here’s What Happened

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares dropped 4.8% during mid-day trading on Tuesday . The stock traded as low as $9.23 and last traded at $9.28. Approximately 73,539 shares traded hands during trading, a decline of 13% from the average daily volume of 84,792 shares. The stock had previously closed at $9.75.

Analyst Ratings Changes

RNAC has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a research note on Wednesday, October 8th. Wedbush initiated coverage on shares of Cartesian Therapeutics in a research note on Wednesday, July 9th. They set an “outperform” rating and a $38.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Cartesian Therapeutics Price Performance

The stock’s 50 day simple moving average is $10.13 and its 200-day simple moving average is $10.76. The company has a market capitalization of $241.30 million, a PE ratio of -0.18 and a beta of 0.39.

Cartesian Therapeutics (NASDAQ:RNAC) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $1.26. The firm had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $0.77 million. On average, equities analysts predict that Cartesian Therapeutics, Inc. will post 4.56 earnings per share for the current year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of large investors have recently modified their holdings of RNAC. Rhumbline Advisers increased its position in shares of 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 purchasing an additional 2,805 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Cartesian Therapeutics by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 20,937 shares of the company’s stock valued at $276,000 after purchasing an additional 1,530 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cartesian Therapeutics by 9.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 29,303 shares of the company’s stock valued at $386,000 after purchasing an additional 2,500 shares during the last quarter. Deutsche Bank AG increased its position in shares of Cartesian Therapeutics by 104.1% in the 1st quarter. Deutsche Bank AG now owns 7,424 shares of the company’s stock valued at $98,000 after purchasing an additional 3,786 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Cartesian Therapeutics in the first quarter valued at approximately $367,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

Cartesian Therapeutics Company Profile

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.