Cartesian Therapeutics, Inc. $RNAC Shares Bought by MPM Bioimpact LLC

Key Points

• MPM Bioimpact LLC increased its stake in Cartesian Therapeutics by 9.7% in Q1, acquiring a total of 790,779 shares, which now constitutes approximately 1.8% of their holdings.
• Cartesian Therapeutics reported an earnings surprise of $1.26 per share for the last quarter, with revenue of $0.30 million, falling short of the expectations.
• Despite a series of positive ratings, Cartesian Therapeutics shares have seen a decline of 2.2% recently, with analysts maintaining a Moderate Buy rating and an average price target of $40.00.

MPM Bioimpact LLC grew its position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 790,779 shares of the company's stock after buying an additional 69,640 shares during the quarter. Cartesian Therapeutics accounts for approximately 1.8% of MPM Bioimpact LLC's holdings, making the stock its 24th biggest holding. MPM Bioimpact LLC owned 3.05% of Cartesian Therapeutics worth $10,422,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Erste Asset Management GmbH increased its position in shares of Cartesian Therapeutics by 49.8% in the first quarter. Erste Asset Management GmbH now owns 260,011 shares of the company's stock valued at $3,432,000 after buying an additional 86,445 shares in the last quarter. Northern Trust Corp grew its holdings in Cartesian Therapeutics by 50.6% in the 4th quarter. Northern Trust Corp now owns 95,030 shares of the company's stock valued at $1,702,000 after buying an additional 31,915 shares during the period. Nuveen Asset Management LLC grew its holdings in Cartesian Therapeutics by 197.8% in the 4th quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company's stock valued at $1,291,000 after buying an additional 47,889 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Cartesian Therapeutics by 9.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 29,303 shares of the company's stock valued at $386,000 after buying an additional 2,500 shares during the period. Finally, Nuveen LLC purchased a new stake in Cartesian Therapeutics in the 1st quarter valued at about $367,000. Hedge funds and other institutional investors own 86.95% of the company's stock.

Cartesian Therapeutics Stock Down 2.2%

Shares of RNAC opened at $10.05 on Tuesday. The business's 50 day moving average is $11.73 and its two-hundred day moving average is $12.41. Cartesian Therapeutics, Inc. has a 52-week low of $8.46 and a 52-week high of $26.50. The firm has a market cap of $261.30 million, a price-to-earnings ratio of -0.19 and a beta of 0.39.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of ($0.76) by $1.26. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $0.77 million. On average, equities analysts expect that Cartesian Therapeutics, Inc. will post 4.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RNAC. Needham & Company LLC reduced their price objective on Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wedbush started coverage on Cartesian Therapeutics in a research note on Wednesday, July 9th. They issued an "outperform" rating and a $38.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $40.00.

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.

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