Cartesian Therapeutics, Inc. (NASDAQ:RNAC – Get Free Report)’s stock price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $7.40 and traded as high as $7.67. Cartesian Therapeutics shares last traded at $7.53, with a volume of 121,614 shares traded.
Wall Street Analyst Weigh In
RNAC has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, September 29th. Zacks Research raised shares of Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Wedbush restated an “outperform” rating and set a $38.00 target price on shares of Cartesian Therapeutics in a research report on Tuesday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a report on Wednesday, September 9th. Finally, Wall Street Zen raised shares of Cartesian Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Five 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.60.
Read Our Latest Analysis on Cartesian Therapeutics
Cartesian Therapeutics Stock Up 11.1%
The company has a market cap of $227.82 million, a price-to-earnings ratio of -1.52 and a beta of 0.74. The company has a fifty day simple moving average of $7.40 and a two-hundred day simple moving average of $7.64.
Cartesian Therapeutics (NASDAQ:RNAC – Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.01) by $0.63. On average, research analysts predict that Cartesian Therapeutics, Inc. will post -3.15 EPS for the current year.
Hedge Funds Weigh In On Cartesian Therapeutics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. purchased a new stake in shares of Cartesian Therapeutics in the first quarter valued at about $78,000. Bank of New York Mellon Corp purchased a new position in shares of Cartesian Therapeutics during the 2nd quarter worth approximately $332,000. Renaissance Technologies LLC raised its position in shares of Cartesian Therapeutics by 63.7% during the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after purchasing an additional 26,200 shares during the last quarter. Privium Fund Management B.V. raised its position in shares of Cartesian Therapeutics by 2.2% during the 3rd quarter. Privium Fund Management B.V. now owns 155,000 shares of the company’s stock worth $1,118,000 after purchasing an additional 3,325 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of Cartesian Therapeutics by 0.7% during the 2nd quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock worth $23,493,000 after purchasing an additional 16,133 shares during the last quarter. Institutional investors and hedge funds own 86.95% of the company’s stock.
About Cartesian Therapeutics
Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. The company’s platform is designed to program a patient’s own immune cells with messenger RNA, enabling the development of cell therapies that are intended to provide targeted treatment without permanent genetic modification.
Cartesian’s lead product candidate is Descartes-08, an autologous CAR T-cell therapy that targets B-cell maturation antigen (BCMA).
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