Cartesian Therapeutics (NASDAQ:RNAC) Trading Up 15.5%

Cartesian Therapeutics, Inc. (NASDAQ:RNAC)’s share price shot up 15.5% during mid-day trading on Thursday . The company traded as high as $29.65 and last traded at $28.58. 47,212 shares were traded during mid-day trading, a decline of 23% from the average session volume of 61,703 shares. The stock had previously closed at $24.75.

Analyst Ratings Changes

A number of research firms recently issued reports on RNAC. HC Wainwright reissued a “buy” rating and issued a $54.00 price target on shares of Cartesian Therapeutics in a research note on Monday, June 17th. SVB Leerink began coverage on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. They issued an “outperform” rating and a $39.00 price target on the stock. Leerink Partnrs reissued an “outperform” rating on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. Mizuho began coverage on shares of Cartesian Therapeutics in a research note on Friday, May 24th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of Cartesian Therapeutics in a research note on Wednesday, May 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Cartesian Therapeutics has a consensus rating of “Buy” and an average price target of $45.00.

Cartesian Therapeutics Trading Down 5.3 %

The firm’s 50 day simple moving average is $26.04 and its 200-day simple moving average is $22.46.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RNAC. Hall Laurie J Trustee acquired a new position in shares of Cartesian Therapeutics during the 1st quarter valued at about $34,000. BNP Paribas Financial Markets acquired a new position in shares of Cartesian Therapeutics during the 1st quarter valued at about $38,000. Delphi Financial Group Inc. acquired a new position in shares of Cartesian Therapeutics during the 1st quarter valued at about $430,000. SG Americas Securities LLC purchased a new stake in Cartesian Therapeutics in the 1st quarter valued at about $31,000. Finally, Vanguard Group Inc. purchased a new stake in Cartesian Therapeutics in the 1st quarter valued at about $4,105,000. 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.