Cartesian Therapeutics (NASDAQ:RNAC) Issues Earnings Results

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

Cartesian Therapeutics Trading Up 4.2%

Shares of NASDAQ:RNAC traded up $0.32 during midday trading on Friday, hitting $7.87. The stock had a trading volume of 101,822 shares, compared to its average volume of 86,848. Cartesian Therapeutics has a 1 year low of $5.98 and a 1 year high of $26.50. The stock has a 50 day moving average price of $9.43 and a two-hundred day moving average price of $10.54. The company has a market capitalization of $204.64 million, a PE ratio of -9.05 and a beta of 0.44.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Cartesian Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its stake in shares of Cartesian Therapeutics by 27.5% during the 1st quarter. Rhumbline Advisers now owns 13,006 shares of the company’s stock worth $171,000 after buying an additional 2,805 shares during the last quarter. Marshall Wace LLP increased its holdings in Cartesian Therapeutics by 114.0% during the 2nd 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. Bank of America Corp DE raised its position in Cartesian Therapeutics by 133.0% during the second quarter. Bank of America Corp DE now owns 13,933 shares of the company’s stock worth $145,000 after acquiring an additional 7,952 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Cartesian Therapeutics by 4.9% in the third quarter. Vanguard Group Inc. now owns 520,722 shares of the company’s stock valued at $5,322,000 after purchasing an additional 24,356 shares in the last quarter. 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.