Cartesian Therapeutics (NASDAQ:RNAC) Announces Earnings Results, Beats Estimates By $1.35 EPS

Cartesian Therapeutics (NASDAQ:RNAC) issued its earnings results on Thursday. The company reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.81) by $1.35, Zacks reports. The firm had revenue of $33.45 million during the quarter, compared to the consensus estimate of $6.00 million.

Cartesian Therapeutics Stock Up 3.9 %

Cartesian Therapeutics stock traded up $0.50 during trading hours on Friday, hitting $13.37. The company had a trading volume of 49,521 shares, compared to its average volume of 111,382. The firm has a 50-day moving average of $21.35 and a 200 day moving average of $21.34. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RNAC. Needham & Company LLC dropped their price objective on shares of Cartesian Therapeutics from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Friday. Canaccord Genuity Group lifted their price target on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. HC Wainwright reduced their price objective on Cartesian Therapeutics from $54.00 to $49.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. TD Cowen started coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They issued a “buy” rating on the stock. Finally, Mizuho initiated coverage on Cartesian Therapeutics in a research report on Friday, May 24th. They set a “buy” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.67.

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.