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

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) was the recipient of a significant increase in short interest in 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. Currently, 28.8% of the shares of the stock are sold short. Based on an average daily volume of 151,800 shares, the days-to-cover ratio is presently 13.2 days.

Hedge Funds Weigh In On Cartesian Therapeutics

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Cartesian Therapeutics in the first quarter worth about $31,000. Hall Laurie J Trustee bought a new position in Cartesian Therapeutics in the first quarter worth about $34,000. American International Group Inc. bought a new position in Cartesian Therapeutics in the first quarter worth about $37,000. BNP Paribas Financial Markets bought a new position in Cartesian Therapeutics in the first quarter worth about $38,000. Finally, Delphi Financial Group Inc. bought a new position in Cartesian Therapeutics in the first quarter worth about $430,000. 86.95% of the stock is currently owned by institutional investors.

Cartesian Therapeutics Stock Up 5.5 %

Shares of NASDAQ:RNAC traded up $0.91 on Friday, hitting $17.49. 54,688 shares of the company’s stock were exchanged, compared to its average volume of 269,447. Cartesian Therapeutics has a 12 month low of $11.66 and a 12 month high of $42.60. The business’s 50 day simple moving average is $23.85 and its two-hundred day simple moving average is $21.98.

Cartesian Therapeutics (NASDAQ:RNAC) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($0.81) by ($1.16). The company had revenue of $5.84 million during the quarter. Analysts anticipate that Cartesian Therapeutics will post 2.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on RNAC. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of Cartesian Therapeutics in a research note on Monday, July 8th. SVB Leerink began coverage on shares of Cartesian Therapeutics in a research note on Tuesday, April 23rd. They set an “outperform” rating and a $39.00 price objective for the company. Mizuho began coverage on shares of Cartesian Therapeutics in a research note on Friday, May 24th. They set a “buy” rating and a $40.00 price objective for the company. Canaccord Genuity Group lifted their price objective 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 lowered shares of Cartesian Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

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.