Cartesian Therapeutics (NASDAQ:RNAC) Announces Quarterly Earnings Results, Misses Estimates By $0.57 EPS

Cartesian Therapeutics (NASDAQ:RNAC) announced its earnings results on Thursday. The company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.57), Zacks reports. The company had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.18 million.

Cartesian Therapeutics Stock Performance

Shares of RNAC traded up $0.32 during midday trading on Friday, hitting $7.87. The company 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 firm has a market capitalization of $204.64 million, a P/E ratio of -9.05 and a beta of 0.44. The company’s 50-day simple moving average is $9.43 and its 200-day simple moving average is $10.54.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its holdings in 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 acquiring an additional 2,805 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Cartesian Therapeutics by 114.0% during the 2nd quarter. Marshall Wace LLP now owns 82,630 shares of the company’s stock worth $859,000 after purchasing an additional 44,025 shares during the last quarter. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 7,952 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Cartesian Therapeutics by 4.9% during the third quarter. Vanguard Group Inc. now owns 520,722 shares of the company’s stock worth $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.

Analyst Ratings Changes

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

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.