Cartesian Therapeutics (NASDAQ:RNAC) Shares Down 1.1% – Here’s What Happened

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares dropped 1.1% on Monday . The company traded as low as $7.78 and last traded at $7.79. Approximately 79,053 shares changed hands during trading, a decline of 51% from the average daily volume of 161,028 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

RNAC has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Cartesian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, June 12th. Wedbush reissued an “outperform” rating and issued a $38.00 price objective on shares of Cartesian Therapeutics in a research report on Wednesday, June 10th. Needham & Company LLC restated a “buy” rating and set a $40.00 target price on shares of Cartesian Therapeutics in a research note on Tuesday, June 9th. Zacks Research lowered Cartesian Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Finally, HC Wainwright cut their price target on Cartesian Therapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cartesian Therapeutics currently has an average rating of “Hold” and an average price target of $32.60.

Cartesian Therapeutics Price Performance

The firm has a market cap of $228.87 million, a price-to-earnings ratio of -1.32 and a beta of 0.59. The business’s 50-day moving average price is $8.35 and its two-hundred day moving average price is $7.52.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.62). The company had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.22 million. Equities analysts predict that Cartesian Therapeutics, Inc. will post -4.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of RNAC. R Squared Ltd bought a new position in shares of Cartesian Therapeutics during the fourth quarter worth about $74,000. Wells Fargo & Company MN increased its holdings in Cartesian Therapeutics by 49.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,762 shares of the company’s stock valued at $85,000 after buying an additional 3,878 shares during the last quarter. Sei Investments Co. bought a new stake in Cartesian Therapeutics in the first quarter valued at about $78,000. Rhumbline Advisers raised its stake in Cartesian Therapeutics by 27.5% during the first quarter. Rhumbline Advisers now owns 13,006 shares of the company’s stock valued at $171,000 after buying an additional 2,805 shares in the last quarter. Finally, Miller Financial Services LLC raised its stake in Cartesian Therapeutics by 17.2% during the fourth quarter. Miller Financial Services LLC now owns 13,643 shares of the company’s stock valued at $98,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 86.95% of the company’s stock.

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.