Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Short Interest Update

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 293,100 shares, a drop of 96.5% from the March 15th total of 8,300,000 shares. Based on an average daily volume of 32,300 shares, the short-interest ratio is currently 9.1 days. Currently, 5.3% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and set a $60.00 price target on shares of Cartesian Therapeutics in a report on Monday, March 18th. Needham & Company LLC began coverage on shares of Cartesian Therapeutics in a research note on Tuesday. They issued a "buy" rating and a $42.00 target price for the company.

Cartesian Therapeutics Trading Up 16.7 %

Shares of NASDAQ RNAC traded up $2.33 during trading on Wednesday, reaching $16.32. The company had a trading volume of 133,468 shares, compared to its average volume of 33,462. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60. The business's 50 day moving average is $19.78.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($2.40) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($2.10). Cartesian Therapeutics had a negative return on equity of 58.21% and a negative net margin of 845.01%. The company had revenue of $8.27 million during the quarter. As a group, equities research analysts forecast that Cartesian Therapeutics will post -1.5 earnings per share for the current year.

Insider Activity at Cartesian Therapeutics

In other news, Director Timothy A. Springer purchased 21,612 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $16.20 per share, with a total value of $350,114.40. Following the acquisition, the director now directly owns 1,017,228 shares of the company's stock, valued at approximately $16,479,093.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought 22,498 shares of company stock valued at $366,520 in the last ninety days. Insiders own 31.20% of the company's stock.

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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