Analysts Issue Forecasts for RNAC FY2024 Earnings

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) - Equities research analysts at Cantor Fitzgerald issued their FY2024 EPS estimates for Cartesian Therapeutics in a research note issued on Monday, December 2nd. Cantor Fitzgerald analyst K. Kluska anticipates that the company will post earnings of ($5.18) per share for the year. Cantor Fitzgerald has a "Hold" rating on the stock. The consensus estimate for Cartesian Therapeutics' current full-year earnings is $4.07 per share.

Several other equities analysts also recently weighed in on RNAC. TD Cowen assumed coverage on shares of Cartesian Therapeutics in a report on Tuesday, August 6th. They set a "buy" rating on the stock. Needham & Company LLC reissued a "buy" rating and issued a $41.00 target price on shares of Cartesian Therapeutics in a report on Tuesday. Finally, HC Wainwright reissued a "buy" rating and issued a $45.00 target price (up previously from $41.00) on shares of Cartesian Therapeutics in a report on Wednesday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Cartesian Therapeutics Stock Up 9.6 %

NASDAQ:RNAC traded up $1.92 during trading hours on Wednesday, hitting $22.00. 239,591 shares of the stock traded hands, compared to its average volume of 96,766. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87. The company has a market cap of $559.13 million, a price-to-earnings ratio of -0.42 and a beta of 0.59. The stock has a 50 day moving average price of $19.88 and a 200 day moving average price of $19.73.

Insider Activity at Cartesian Therapeutics

In other news, Director Timothy A. Springer acquired 80,301 shares of the business's stock in a transaction on Friday, October 4th. The shares were acquired at an average price of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the transaction, the director now directly owns 8,023,766 shares of the company's stock, valued at approximately $181,176,636.28. The trade was a 1.01 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Metin Kurtoglu sold 32,789 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $16.67, for a total transaction of $546,592.63. Following the transaction, the chief technology officer now owns 51,033 shares in the company, valued at $850,720.11. This trade represents a 39.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,089 shares of company stock valued at $2,169,555 over the last 90 days. 57.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. bought a new position in Cartesian Therapeutics during the first quarter valued at $4,105,000. FMR LLC grew its holdings in shares of Cartesian Therapeutics by 458.3% in the third quarter. FMR LLC now owns 2,851,830 shares of the company's stock worth $45,972,000 after purchasing an additional 2,341,054 shares during the last quarter. Great Point Partners LLC bought a new position in shares of Cartesian Therapeutics in the third quarter worth about $3,224,000. State Street Corp grew its holdings in shares of Cartesian Therapeutics by 2.5% in the third quarter. State Street Corp now owns 157,495 shares of the company's stock worth $2,539,000 after purchasing an additional 3,830 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Cartesian Therapeutics by 2.1% in the third quarter. Geode Capital Management LLC now owns 135,700 shares of the company's stock worth $2,188,000 after purchasing an additional 2,737 shares during the last quarter. Institutional investors own 86.95% of the company's stock.

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.