Cartesian Therapeutics (NASDAQ:RNAC) Stock Price Crosses Above 50 Day Moving Average - What's Next?

Key Points

• Cartesian Therapeutics shares rose above their 50-day moving average, trading as high as $7.67 and last at $7.53, compared with a 50-day average of $7.40.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $32.60; ratings include five Buys, one Hold, and one Sell.
• The company reported a quarterly loss of $0.38 per share, beating the consensus estimate of a $1.01 loss by $0.63.

Cartesian Therapeutics, Inc. (NASDAQ:RNAC - Get Free Report)'s share price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $7.40 and traded as high as $7.67. Cartesian Therapeutics shares last traded at $7.53, with a volume of 121,614 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RNAC. HC Wainwright reiterated a "buy" rating and issued a $25.00 target price on shares of Cartesian Therapeutics in a research report on Wednesday, September 30th. Wedbush reaffirmed an "outperform" rating and set a $38.00 price target on shares of Cartesian Therapeutics in a research note on Tuesday, August 18th. Needham & Company LLC reiterated a "buy" rating and set a $40.00 target price on shares of Cartesian Therapeutics in a research report on Tuesday, September 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cartesian Therapeutics in a research report on Wednesday, September 9th. Finally, Zacks Research raised shares of Cartesian Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.60.

Cartesian Therapeutics Stock Performance

The company has a 50-day simple moving average of $7.40 and a two-hundred day simple moving average of $7.64. The stock has a market cap of $227.78 million, a price-to-earnings ratio of -1.52 and a beta of 0.74.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.01) by $0.63. As a group, sell-side analysts predict that Cartesian Therapeutics, Inc. will post -3.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. acquired a new stake in shares of Cartesian Therapeutics in the 1st quarter valued at $78,000. Renaissance Technologies LLC increased its position in Cartesian Therapeutics by 63.7% during the 1st quarter. Renaissance Technologies LLC now owns 67,300 shares of the company's stock valued at $414,000 after purchasing an additional 26,200 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Cartesian Therapeutics in the 2nd quarter worth $332,000. Privium Fund Management B.V. grew its stake in shares of Cartesian Therapeutics by 2.2% during the third quarter. Privium Fund Management B.V. now owns 155,000 shares of the company's stock valued at $1,118,000 after buying an additional 3,325 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Cartesian Therapeutics by 0.7% in the second quarter. Squarepoint Ops LLC now owns 2,254,619 shares of the company's stock valued at $23,493,000 after buying an additional 16,133 shares during the last quarter. Institutional investors own 86.95% of the company's stock.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc NASDAQ: RNAC is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. The company's platform is designed to program a patient's own immune cells with messenger RNA, enabling the development of cell therapies that are intended to provide targeted treatment without permanent genetic modification.

Cartesian's lead product candidate is Descartes-08, an autologous CAR T-cell therapy that targets B-cell maturation antigen (BCMA).

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