Erste Asset Management GmbH Buys 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 boosted its holdings in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) by 49.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 260,011 shares of the company's stock after purchasing an additional 86,445 shares during the quarter. Erste Asset Management GmbH owned approximately 1.00% of Cartesian Therapeutics worth $3,432,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in Cartesian Therapeutics by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 20,937 shares of the company's stock worth $276,000 after purchasing an additional 1,530 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cartesian Therapeutics by 44.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,786 shares of the company's stock worth $104,000 after acquiring an additional 1,789 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cartesian Therapeutics by 9.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 29,303 shares of the company's stock worth $386,000 after acquiring an additional 2,500 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Cartesian Therapeutics by 112.7% in the 4th quarter. Wells Fargo & Company MN now owns 4,847 shares of the company's stock worth $87,000 after acquiring an additional 2,568 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Cartesian Therapeutics by 27.5% during the 1st quarter. Rhumbline Advisers now owns 13,006 shares of the company's stock valued at $171,000 after purchasing an additional 2,805 shares during the period. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Cartesian Therapeutics Stock Performance

Shares of RNAC stock traded up $0.02 on Monday, reaching $11.25. 33,063 shares of the company's stock traded hands, compared to its average volume of 81,280. Cartesian Therapeutics, Inc. has a 12-month low of $8.46 and a 12-month high of $26.50. The company has a market capitalization of $292.52 million, a P/E ratio of -0.21 and a beta of 0.44. The business's 50 day moving average price is $11.67 and its two-hundred day moving average price is $12.76.

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 business had revenue of $0.30 million for the quarter, compared to analysts' expectations of $0.77 million. Research analysts predict that Cartesian Therapeutics, Inc. will post 4.56 earnings per share for the current year.

Cartesian Therapeutics Company 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.