Cullinan Therapeutics (NASDAQ:CGEM) Announces Earnings Results, Beats Expectations By $0.09 EPS

Cullinan Therapeutics (NASDAQ:CGEM) issued its quarterly earnings data on Thursday. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09, FiscalAI reports.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM traded down $0.17 during mid-day trading on Friday, hitting $14.55. The company had a trading volume of 625,144 shares, compared to its average volume of 783,465. The business’s 50-day simple moving average is $14.27 and its 200-day simple moving average is $11.84. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $16.74. The firm has a market cap of $894.10 million, a P/E ratio of -4.33 and a beta of -0.09.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 13,515 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $195,562.05. Following the completion of the sale, the chief executive officer owned 390,803 shares in the company, valued at approximately $5,654,919.41. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the completion of the sale, the chief financial officer owned 126,380 shares of the company’s stock, valued at approximately $1,721,295.60. The trade was a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 86,492 shares of company stock valued at $1,230,319 in the last quarter. 7.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its stake in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after purchasing an additional 1,036 shares during the period. Tower Research Capital LLC TRC lifted its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares during the period. Quarry LP bought a new position in Cullinan Therapeutics during the fourth quarter worth about $99,000. Great Lakes Advisors LLC bought a new position in Cullinan Therapeutics during the fourth quarter worth about $128,000. Finally, Massar Capital Management LP bought a new position in Cullinan Therapeutics during the second quarter worth about $101,000. Institutional investors own 86.31% of the company’s stock.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of recent research reports. Citigroup initiated coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a report on Monday, February 2nd. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Zacks Research cut shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Finally, HC Wainwright upped their price target on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.00.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.