Cartesian Therapeutics (NASDAQ:RNAC) Shares Up 15.5%

Shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) rose 15.5% during mid-day trading on Thursday . The stock traded as high as $29.65 and last traded at $28.58. Approximately 47,212 shares changed hands during trading, a decline of 23% from the average daily volume of 61,703 shares. The stock had previously closed at $24.75.

Analyst Ratings Changes

RNAC has been the topic of several analyst reports. Mizuho initiated coverage on Cartesian Therapeutics in a report on Friday, May 24th. They set a “buy” rating and a $40.00 price objective on the stock. Leerink Partnrs reiterated an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. HC Wainwright reiterated a “buy” rating and issued a $54.00 target price on shares of Cartesian Therapeutics in a research report on Monday, June 17th. SVB Leerink started coverage on Cartesian Therapeutics in a research report on Tuesday, April 23rd. They issued an “outperform” rating and a $39.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $50.00 target price on shares of Cartesian Therapeutics in a research report on Monday, June 24th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $45.00.

Cartesian Therapeutics Stock Performance

The stock has a 50-day moving average of $26.04 and a 200-day moving average of $22.46.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). Cartesian Therapeutics had a negative net margin of 983.93% and a negative return on equity of 58.21%. The company had revenue of $5.84 million for the quarter. Equities analysts forecast that Cartesian Therapeutics, Inc. will post 2.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Cartesian Therapeutics during the 1st quarter worth $31,000. Hall Laurie J Trustee acquired a new position in Cartesian Therapeutics during the 1st quarter worth $34,000. American International Group Inc. acquired a new position in Cartesian Therapeutics during the 1st quarter worth $37,000. BNP Paribas Financial Markets acquired a new position in Cartesian Therapeutics during the 1st quarter worth $38,000. Finally, Delphi Financial Group Inc. bought a new stake in shares of Cartesian Therapeutics in the 1st quarter worth $430,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

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.