Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) - Leerink Partnrs increased their FY2024 earnings per share estimates for shares of Cartesian Therapeutics in a note issued to investors on Wednesday, February 5th. Leerink Partnrs analyst T. Smith now anticipates that the company will earn $4.85 per share for the year, up from their prior estimate of $3.88. The consensus estimate for Cartesian Therapeutics' current full-year earnings is $4.07 per share. Leerink Partnrs also issued estimates for Cartesian Therapeutics' FY2025 earnings at ($4.20) EPS, FY2026 earnings at ($4.73) EPS, FY2027 earnings at ($6.34) EPS and FY2028 earnings at ($6.55) EPS.
Several other research analysts also recently weighed in on the company. Cantor Fitzgerald upgraded Cartesian Therapeutics to a "hold" rating in a report on Monday, December 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a report on Monday, January 27th. HC Wainwright reiterated a "buy" rating and issued a $45.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, January 28th. Finally, BTIG Research initiated coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They issued a "buy" rating and a $42.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $42.86.
Read Our Latest Stock Report on Cartesian Therapeutics
Cartesian Therapeutics Stock Performance
RNAC stock traded up $0.11 on Monday, reaching $19.03. The company had a trading volume of 37,247 shares, compared to its average volume of 78,526. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $41.87. The company's fifty day moving average is $19.18 and its 200 day moving average is $18.11. The company has a market cap of $483.74 million, a P/E ratio of -0.36 and a beta of 0.61.
Hedge Funds Weigh In On Cartesian Therapeutics
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNAC. BNP Paribas Financial Markets raised its stake in Cartesian Therapeutics by 122.5% during the third quarter. BNP Paribas Financial Markets now owns 1,651 shares of the company's stock worth $27,000 after acquiring an additional 909 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Cartesian Therapeutics by 22.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,562 shares of the company's stock worth $82,000 after acquiring an additional 847 shares during the period. Wells Fargo & Company MN raised its stake in Cartesian Therapeutics by 112.7% during the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company's stock worth $87,000 after acquiring an additional 2,568 shares during the period. Corebridge Financial Inc. raised its stake in Cartesian Therapeutics by 32.6% during the fourth quarter. Corebridge Financial Inc. now owns 5,122 shares of the company's stock worth $92,000 after acquiring an additional 1,258 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Cartesian Therapeutics during the fourth quarter worth about $97,000. 86.95% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Cartesian Therapeutics news, CTO Metin Kurtoglu sold 32,789 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $16.67, for a total value of $546,592.63. Following the completion of the transaction, the chief technology officer now directly owns 51,033 shares of the company's stock, valued at $850,720.11. This represents a 39.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Blaine Davis sold 3,961 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $16.72, for a total transaction of $66,227.92. Following the completion of the transaction, the chief financial officer now directly owns 98,839 shares of the company's stock, valued at approximately $1,652,588.08. The trade was a 3.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 81,933 shares of company stock valued at $1,426,546. Company insiders own 57.90% of the company's stock.
About Cartesian Therapeutics
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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.
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