Cartesian Therapeutics (NASDAQ:RNAC) Releases Quarterly Earnings Results, Beats Expectations By $1.34 EPS

Cartesian Therapeutics (NASDAQ:RNAC) posted its quarterly earnings data on Thursday. The company reported $0.46 EPS for the quarter, topping the consensus estimate of ($0.88) by $1.34, Zacks reports.

Cartesian Therapeutics Stock Up 1.0%

RNAC stock traded up $0.09 during trading on Friday, reaching $8.85. The company’s stock had a trading volume of 83,713 shares, compared to its average volume of 140,879. The company’s fifty day moving average is $8.58 and its 200-day moving average is $7.55. The company has a market capitalization of $260.01 million, a P/E ratio of -1.49 and a beta of 0.63. Cartesian Therapeutics has a 1 year low of $5.60 and a 1 year high of $12.25.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of hedge funds have recently made changes to their positions in RNAC. Wells Fargo & Company MN grew its position in shares of Cartesian Therapeutics by 49.2% during the fourth quarter. Wells Fargo & Company MN now owns 11,762 shares of the company’s stock worth $85,000 after purchasing an additional 3,878 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Cartesian Therapeutics in the 4th quarter worth approximately $112,000. Jain Global LLC purchased a new position in Cartesian Therapeutics in the 4th quarter worth approximately $121,000. Squarepoint Ops LLC purchased a new position in Cartesian Therapeutics in the 4th quarter worth approximately $131,000. Finally, Bank of America Corp DE boosted its stake in Cartesian Therapeutics by 133.0% in the 2nd quarter. Bank of America Corp DE now owns 13,933 shares of the company’s stock worth $145,000 after purchasing an additional 7,952 shares during the period. Institutional investors own 86.95% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Weiss Ratings upgraded Cartesian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 12th. Wall Street Zen raised Cartesian Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research upgraded Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Wedbush reiterated an “outperform” rating and set a $38.00 price objective on shares of Cartesian Therapeutics in a research note on Wednesday, June 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $40.00 target price on shares of Cartesian Therapeutics in a report on Tuesday, June 9th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, trading on NASDAQ under the symbol RNAC, is a clinical‐stage biotechnology company specializing in the development of messenger RNA (mRNA)-based therapeutics. The company leverages a proprietary RNA delivery platform to induce the production of therapeutic proteins within patients, aiming to address a range of diseases through in vivo expression of disease-modifying agents. Cartesian’s technology is designed to optimize mRNA stability, translation efficiency and targeted delivery, with potential applications spanning oncology, autoimmune disorders and rare genetic conditions.

At the core of Cartesian’s approach is a synthetic mRNA platform that incorporates proprietary lipid nanoparticle (LNP) formulations.