Cartesian Therapeutics (NASDAQ:RNAC) Earns Outperform Rating from Leerink Partnrs

Leerink Partnrs reiterated their outperform rating on shares of Cartesian Therapeutics (NASDAQ:RNAC) in a research report released on Tuesday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Cartesian Therapeutics’ Q1 2024 earnings at ($1.34) EPS, Q2 2024 earnings at ($1.38) EPS, Q3 2024 earnings at ($1.27) EPS, Q4 2024 earnings at ($1.09) EPS, FY2024 earnings at ($5.03) EPS, FY2025 earnings at ($4.86) EPS, FY2026 earnings at ($5.58) EPS and FY2027 earnings at ($7.10) EPS.

Several other equities analysts have also weighed in on RNAC. Needham & Company LLC began coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 9th. They set a buy rating and a $42.00 target price on the stock. HC Wainwright lifted their target price on shares of Cartesian Therapeutics from $2.00 to $54.00 and gave the company a buy rating in a report on Tuesday. Finally, SVB Leerink began coverage on shares of Cartesian Therapeutics in a report on Tuesday. They set an outperform rating and a $39.00 target price on the stock.

Cartesian Therapeutics Price Performance

Shares of NASDAQ RNAC opened at $20.90 on Tuesday. Cartesian Therapeutics has a 52-week low of $11.66 and a 52-week high of $42.60. The company’s fifty day moving average is $19.26.

Cartesian Therapeutics (NASDAQ:RNAC) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($2.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($2.10). Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. The company had revenue of $8.27 million for the quarter. As a group, sell-side analysts expect that Cartesian Therapeutics will post -3.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Timothy A. Springer acquired 21,612 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were purchased at an average price of $16.20 per share, for a total transaction of $350,114.40. Following the acquisition, the director now directly owns 1,017,228 shares of the company’s stock, valued at approximately $16,479,093.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 22,472 shares of company stock worth $365,981 in the last quarter. 31.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cartesian Therapeutics

A hedge fund recently bought a new stake in Cartesian Therapeutics stock. Hall Laurie J Trustee bought a new stake in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 52,775 shares of the company’s stock, valued at approximately $34,000. Hall Laurie J Trustee owned approximately 0.98% of Cartesian Therapeutics as of its most recent filing with the SEC. 86.95% of the stock is owned by institutional investors and hedge funds.

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.