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

Cartesian Therapeutics (NASDAQ:RNAC) released its quarterly earnings data on Thursday. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $1.35, Zacks reports. The business had revenue of $33.45 million for 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. 49,521 shares of the stock traded hands, compared to its average volume of 111,382. The firm’s 50 day moving average price is $21.35 and its 200-day moving average price is $21.34. Cartesian Therapeutics has a 1 year low of $11.66 and a 1 year high of $42.60.

Analysts Set New Price Targets

Several analysts have issued reports on the company. HC Wainwright dropped their target price on Cartesian Therapeutics from $54.00 to $49.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. Mizuho assumed coverage on shares of Cartesian Therapeutics in a report on Friday, May 24th. They issued a “buy” rating and a $40.00 target price for the company. Canaccord Genuity Group raised their price target on Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Finally, Oppenheimer downgraded shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.