Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Short Interest Up 117.8% in April

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report) was the recipient of a significant increase in short interest in April. As of April 15th, there was short interest totalling 638,500 shares, an increase of 117.8% from the March 31st total of 293,100 shares. Approximately 45.3% of the company's stock are sold short. Based on an average trading volume of 48,000 shares, the days-to-cover ratio is currently 13.3 days.

Cartesian Therapeutics Trading Up 0.6 %

Shares of Cartesian Therapeutics stock traded up $0.13 during midday trading on Friday, hitting $21.03. The company had a trading volume of 123,840 shares, compared to its average volume of 113,528. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60. The company's 50 day moving average price is $19.20.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last issued its earnings results on Thursday, March 7th. The company reported ($2.40) EPS for the quarter, missing the consensus estimate of ($0.30) by ($2.10). Cartesian Therapeutics had a negative net margin of 845.01% and a negative return on equity of 58.21%. The firm had revenue of $8.27 million during the quarter. As a group, research analysts forecast that Cartesian Therapeutics will post -3.21 earnings per share for the current fiscal year.

Insider Activity at Cartesian Therapeutics

In other Cartesian Therapeutics news, Director Timothy A. Springer acquired 21,612 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average price of $16.20 per share, with a total value of $350,114.40. Following the completion of the transaction, the director now owns 1,017,228 shares in the company, valued at $16,479,093.60. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders have acquired 22,472 shares of company stock valued at $365,981. 31.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cartesian Therapeutics stock. Hall Laurie J Trustee purchased a new stake in Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 52,775 shares of the company's stock, valued at approximately $34,000. Hall Laurie J Trustee owned about 0.98% of Cartesian Therapeutics at the end of the most recent reporting period. 86.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on RNAC. Needham & Company LLC began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, April 9th. They issued a "buy" rating and a $42.00 price target on the stock. HC Wainwright lifted their price target on shares of Cartesian Therapeutics from $2.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, April 23rd. SVB Leerink began coverage on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. They issued an "outperform" rating and a $39.00 price target on the stock. Finally, Leerink Partnrs reissued an "outperform" rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd.

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.