Cartesian Therapeutics (NASDAQ:RNAC) Posts Quarterly Earnings Results, Misses Expectations By $0.56 EPS

Cartesian Therapeutics (NASDAQ:RNAC) announced its quarterly earnings results on Monday. The company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.56), Zacks reports. The company had revenue of $0.95 million for the quarter, compared to the consensus estimate of $0.10 million.

Cartesian Therapeutics Stock Performance

RNAC stock opened at $8.55 on Wednesday. The stock’s 50 day simple moving average is $7.24 and its 200 day simple moving average is $8.15. The company has a market cap of $222.30 million, a P/E ratio of -1.67 and a beta of 0.42. Cartesian Therapeutics has a fifty-two week low of $5.98 and a fifty-two week high of $18.80.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNAC. HC Wainwright reduced their price objective on Cartesian Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 19th. BTIG Research reissued a “buy” rating on shares of Cartesian Therapeutics in a research note on Monday. Wedbush reaffirmed an “outperform” rating and issued a $38.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday. Cantor Fitzgerald raised shares of Cartesian Therapeutics from a “neutral” rating to an “overweight” rating and set a $16.00 price target for the company in a research note on Monday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cartesian Therapeutics in a research report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cartesian Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Insider Activity

In related news, CFO Blaine Davis sold 10,591 shares of the stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $6.82, for a total value of $72,230.62. Following the transaction, the chief financial officer directly owned 121,220 shares in the company, valued at $826,720.40. This trade represents a 8.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 60.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of 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 purchasing an additional 2,805 shares in the last quarter. Marshall Wace LLP increased its position in shares of Cartesian Therapeutics by 114.0% during the second quarter. Marshall Wace LLP now owns 82,630 shares of the company’s stock valued at $859,000 after acquiring an additional 44,025 shares during the last quarter. Bank of America Corp DE increased its position 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 valued at $145,000 after acquiring an additional 7,952 shares during the last quarter. Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 24,356 shares during the period. Finally, Bridgeway Capital Management LLC purchased a new position in Cartesian Therapeutics in the third quarter worth $256,000. 86.95% of the stock is owned by hedge funds and other institutional investors.

About Cartesian Therapeutics

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.