Leerink Partnrs Weighs in on Cartesian Therapeutics, Inc.’s Q1 2024 Earnings (NASDAQ:RNAC)

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) – Research analysts at Leerink Partnrs issued their Q1 2024 earnings estimates for Cartesian Therapeutics in a report released on Tuesday, April 23rd. Leerink Partnrs analyst T. Smith forecasts that the company will post earnings per share of ($1.34) for the quarter. Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for Cartesian Therapeutics’ current full-year earnings is ($1.50) per share. Leerink Partnrs also issued estimates for Cartesian Therapeutics’ Q2 2024 earnings at ($1.38) EPS, Q3 2024 earnings at ($1.27) EPS, Q4 2024 earnings at ($1.09) EPS, FY2024 earnings at ($5.03) EPS, FY2025 earnings at ($4.86) EPS and FY2026 earnings at ($5.58) EPS.

Other research analysts have also issued research reports about the stock. HC Wainwright raised their price target on shares of Cartesian Therapeutics from $2.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC started coverage on shares of Cartesian Therapeutics in a report on Tuesday, April 9th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, SVB Leerink started coverage on shares of Cartesian Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $39.00 price objective on the stock.

Cartesian Therapeutics Stock Performance

NASDAQ RNAC opened at $20.90 on Thursday. Cartesian Therapeutics has a one year low of $11.66 and a one year high of $42.60. The firm has a 50 day simple moving average of $19.26.

Cartesian Therapeutics (NASDAQ:RNAC) last released its earnings results on Thursday, March 7th. The company reported ($2.40) earnings per share (EPS) for the quarter, missing the consensus estimate 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.

Institutional Trading of Cartesian Therapeutics

A hedge fund recently bought a new stake in Cartesian Therapeutics stock. Hall Laurie J Trustee purchased a new position in Cartesian Therapeutics, Inc. (NASDAQ:RNAC) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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 quarter. 86.95% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Timothy A. Springer acquired 21,612 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were bought at an average price of $16.20 per share, for a total transaction of $350,114.40. Following the completion of the purchase, 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 SEC, which is available at this hyperlink. Insiders have bought 22,472 shares of company stock worth $365,981 over the last 90 days. Company 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.