Erste Asset Management GmbH Purchases 86,445 Shares of Cartesian Therapeutics, Inc. $RNAC

Key Points

• Erste Asset Management GmbH increased its stake in Cartesian Therapeutics by 49.8% in the first quarter, acquiring 86,445 additional shares, bringing its total ownership to 260,011 shares worth approximately $3.43 million.
• Analysts have a consensus rating of "Moderate Buy" for Cartesian Therapeutics, with a price target averaging $40.00, down from a previous target of $41.00.
• Cartesian Therapeutics reported a surprise profit of $0.50 EPS for the last quarter, significantly beating analysts' expectations of a loss of $0.76.

Erste Asset Management GmbH lifted its holdings in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) by 49.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 260,011 shares of the company's stock after acquiring an additional 86,445 shares during the period. Erste Asset Management GmbH owned approximately 1.00% of Cartesian Therapeutics worth $3,432,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Virtus ETF Advisers LLC acquired a new stake in shares of Cartesian Therapeutics during the 4th quarter worth approximately $63,000. Wells Fargo & Company MN increased its holdings in shares of Cartesian Therapeutics by 112.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,847 shares of the company's stock valued at $87,000 after purchasing an additional 2,568 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Cartesian Therapeutics by 104.1% in the first quarter. Deutsche Bank AG now owns 7,424 shares of the company's stock valued at $98,000 after acquiring an additional 3,786 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Cartesian Therapeutics by 44.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company's stock worth $104,000 after buying an additional 1,789 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new stake in Cartesian Therapeutics during the fourth quarter worth about $119,000. 86.95% of the stock is owned by institutional investors.

Cartesian Therapeutics Price Performance

RNAC stock traded down $0.17 during trading on Wednesday, hitting $10.61. 15,307 shares of the stock traded hands, compared to its average volume of 80,642. The firm's 50 day moving average is $11.71 and its two-hundred day moving average is $12.70. The stock has a market cap of $275.83 million, a price-to-earnings ratio of -0.20 and a beta of 0.44. Cartesian Therapeutics, Inc. has a 1 year low of $8.46 and a 1 year high of $26.50.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $1.26. The company had revenue of $0.30 million for the quarter, compared to analysts' expectations of $0.77 million. As a group, analysts anticipate that Cartesian Therapeutics, Inc. will post 4.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RNAC. Wedbush initiated coverage on shares of Cartesian Therapeutics in a report on Wednesday, July 9th. They issued an "outperform" rating and a $38.00 price objective for the company. Needham & Company LLC cut their price objective on shares of Cartesian Therapeutics from $41.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.