Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Short Interest Update

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 2,000,000 shares, an increase of 73.9% from the June 30th total of 1,150,000 shares. Based on an average daily volume of 151,800 shares, the days-to-cover ratio is presently 13.2 days. Currently, 28.8% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Oppenheimer cut Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. Canaccord Genuity Group raised their target price on Cartesian Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. SVB Leerink assumed coverage on Cartesian Therapeutics in a research report on Tuesday, April 23rd. They issued an “outperform” rating and a $39.00 price target on the stock. Mizuho assumed coverage on Cartesian Therapeutics in a research report on Friday, May 24th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Cartesian Therapeutics in a research report on Tuesday, April 23rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Cartesian Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Artal Group S.A. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $5,939,000. American International Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $37,000. Vanguard Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $4,105,000. SG Americas Securities LLC purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $31,000. Finally, Delphi Financial Group Inc. purchased a new position in shares of Cartesian Therapeutics in the 1st quarter valued at approximately $430,000. 86.95% of the stock is currently owned by hedge funds and other institutional investors.

Cartesian Therapeutics Trading Up 5.5 %

NASDAQ:RNAC traded up $0.91 during mid-day trading on Friday, reaching $17.49. 54,688 shares of the stock were exchanged, compared to its average volume of 269,447. The company has a 50 day simple moving average of $23.85 and a 200-day simple moving average of $21.98. 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 quarterly earnings results on Wednesday, May 8th. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($1.16). The company had revenue of $5.84 million during the quarter. On average, research analysts anticipate that Cartesian Therapeutics will post 2.67 EPS for the current year.

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.