Cartesian Therapeutics (NASDAQ:RNAC) Shares Break Above 50-Day Moving Average – Here’s What Happened

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) shares crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $7.40 and traded as high as $7.67. Cartesian Therapeutics shares last traded at $7.53, with a volume of 121,614 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Cartesian Therapeutics in a report on Tuesday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. Wall Street Zen upgraded Cartesian Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of Cartesian Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Wedbush restated an “outperform” rating and set a $38.00 price objective on shares of Cartesian Therapeutics in a research note on Tuesday, August 18th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Cartesian Therapeutics Stock Performance

The company has a 50 day moving average of $7.40 and a 200 day moving average of $7.64. The stock has a market capitalization of $227.78 million, a price-to-earnings ratio of -1.52 and a beta of 0.74.

Cartesian Therapeutics (NASDAQ:RNAC) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($1.01) by $0.63. On average, equities analysts predict that Cartesian Therapeutics, Inc. will post -3.15 EPS for the current fiscal year.

Institutional Trading of Cartesian Therapeutics

Hedge funds have recently bought and sold shares of the stock. Sei Investments Co. acquired a new stake in shares of Cartesian Therapeutics during the 1st quarter valued at about $78,000. Bank of New York Mellon Corp bought a new stake in Cartesian Therapeutics in the second quarter valued at $332,000. Renaissance Technologies LLC boosted its position in shares of Cartesian Therapeutics by 63.7% during the first quarter. Renaissance Technologies LLC now owns 67,300 shares of the company’s stock worth $414,000 after buying an additional 26,200 shares during the period. Privium Fund Management B.V. lifted its stake in Cartesian Therapeutics by 2.2% in the third quarter. Privium Fund Management B.V. now owns 155,000 shares of the company’s stock valued at $1,118,000 after buying an additional 3,325 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in shares of Cartesian Therapeutics by 0.7% during the 2nd quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company’s stock valued at $23,493,000 after purchasing an additional 16,133 shares during the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc (NASDAQ: RNAC) is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. The company’s platform is designed to program a patient’s own immune cells with messenger RNA, enabling the development of cell therapies that are intended to provide targeted treatment without permanent genetic modification.

Cartesian’s lead product candidate is Descartes-08, an autologous CAR T-cell therapy that targets B-cell maturation antigen (BCMA).