Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Sees Large Growth in Short Interest

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 638,500 shares, a growth of 117.8% from the March 31st total of 293,100 shares. Based on an average daily trading volume, of 48,000 shares, the short-interest ratio is currently 13.3 days. Currently, 45.3% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

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

Cartesian Therapeutics Trading Up 0.6 %

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

Cartesian Therapeutics (NASDAQ:RNAC) last released 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 company had revenue of $8.27 million for the quarter. Research analysts expect that Cartesian Therapeutics will post -3.21 earnings per share for the current fiscal year.

Insider Activity

In other Cartesian Therapeutics news, Director Timothy A. Springer purchased 21,612 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $16.20 per share, with a total value of $350,114.40. Following the acquisition, the director now owns 1,017,228 shares of the company’s stock, valued at approximately $16,479,093.60. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders acquired 22,472 shares of company stock valued at $365,981. Company insiders own 31.20% of the company’s stock.

Hedge Funds Weigh In On Cartesian Therapeutics

An institutional investor recently bought a new position in Cartesian Therapeutics stock. Hall Laurie J Trustee acquired a new stake in shares of Cartesian Therapeutics, Inc. (NASDAQ:RNAC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 52,775 shares of the company’s stock, valued at approximately $34,000. Hall Laurie J Trustee owned approximately 0.98% of Cartesian Therapeutics at the end of the most recent quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

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.