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

Cartesian Therapeutics (NASDAQ:RNAC) announced its quarterly earnings data on Thursday. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35, Zacks reports. The business had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million.

Cartesian Therapeutics Stock Performance

RNAC stock traded up $0.50 during trading 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 price of $21.35 and a 200-day moving average price of $21.34. Cartesian Therapeutics has a 1-year low of $11.66 and a 1-year high of $42.60.

Wall Street Analyst Weigh In

Several equities analysts have commented on RNAC shares. Mizuho initiated coverage on shares of Cartesian Therapeutics in a research note on Friday, May 24th. They issued a “buy” rating and a $40.00 price target for the company. SVB Leerink began coverage on Cartesian Therapeutics in a report on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price target on the stock. Leerink Partnrs reissued an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. Canaccord Genuity Group upped their target price on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Oppenheimer downgraded shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.67.

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.