683 Capital Management LLC Has $1.98 Million Stock Position in Cartesian Therapeutics, Inc. $RNAC

Key Points

• 683 Capital Management LLC increased its stock position in Cartesian Therapeutics by 20%, acquiring an additional 25,000 shares, bringing its total to 150,000 shares valued at approximately $1.977 million.
• Cartesian Therapeutics has seen a strong interest from institutional investors, with 86.95% of its stock owned by hedge funds and other institutions, including significant purchases by Wells Fargo and Deutsche Bank.
• Cartesian Therapeutics reported an earnings per share (EPS) of $0.50, significantly surpassing analysts' expectations of ($0.76), in its most recent quarterly earnings data.

683 Capital Management LLC lifted its position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) by 20.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 150,000 shares of the company's stock after buying an additional 25,000 shares during the quarter. 683 Capital Management LLC owned about 0.58% of Cartesian Therapeutics worth $1,977,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNAC. Wells Fargo & Company MN boosted 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 buying an additional 2,568 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Cartesian Therapeutics in the fourth quarter valued at about $247,000. Barclays PLC raised its position in Cartesian Therapeutics by 64.5% in the fourth quarter. Barclays PLC now owns 19,099 shares of the company's stock worth $342,000 after purchasing an additional 7,488 shares in the last quarter. MetLife Investment Management LLC bought a new position in Cartesian Therapeutics during the fourth quarter worth about $119,000. Finally, Northern Trust Corp lifted its stake in Cartesian Therapeutics by 50.6% during the fourth quarter. Northern Trust Corp now owns 95,030 shares of the company's stock worth $1,702,000 after purchasing an additional 31,915 shares during the period. 86.95% of the stock is currently owned by institutional investors and hedge funds.

Cartesian Therapeutics Trading Up 6.4%

NASDAQ RNAC traded up $0.64 during trading hours on Friday, reaching $10.64. 24,442 shares of the company's stock were exchanged, compared to its average volume of 46,828. The firm has a fifty day moving average of $11.68 and a 200-day moving average of $12.20. Cartesian Therapeutics, Inc. has a one year low of $8.46 and a one year high of $26.50. The stock has a market cap of $276.64 million, a PE ratio of -0.20 and a beta of 0.39.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of ($0.76) by $1.26. The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.77 million. As a group, research analysts forecast that Cartesian Therapeutics, Inc. will post 4.56 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Wedbush began coverage on Cartesian Therapeutics in a report on Wednesday, July 9th. They issued an "outperform" rating and a $38.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Cartesian Therapeutics Profile

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.