Cullinan Therapeutics (NASDAQ:CGEM) Issues Earnings Results

Cullinan Therapeutics (NASDAQ:CGEM) released its quarterly earnings data on Thursday. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01), FiscalAI reports.

Cullinan Therapeutics Stock Down 1.2%

NASDAQ:CGEM traded down $0.22 during trading hours on Friday, reaching $17.73. 361,734 shares of the company’s stock were exchanged, compared to its average volume of 554,218. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $19.43. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -5.72 and a beta of 0.01. The company has a 50-day moving average of $16.59 and a 200 day moving average of $14.80.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $17.82, for a total value of $142,560.00. Following the completion of the sale, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $2,901,880.08. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in Cullinan Therapeutics by 27.4% during the 4th quarter. Invesco Ltd. now owns 130,323 shares of the company’s stock valued at $1,349,000 after acquiring an additional 28,011 shares during the last quarter. Virtus Investment Advisers LLC grew its stake in shares of Cullinan Therapeutics by 75.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 22,318 shares of the company’s stock valued at $231,000 after purchasing an additional 9,604 shares during the last quarter. Susquehanna Portfolio Strategies LLC increased its holdings in shares of Cullinan Therapeutics by 87.8% in the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 233,842 shares of the company’s stock valued at $2,420,000 after purchasing an additional 109,311 shares during the period. Engineers Gate Manager LP increased its holdings in shares of Cullinan Therapeutics by 37.7% in the fourth quarter. Engineers Gate Manager LP now owns 69,343 shares of the company’s stock valued at $718,000 after purchasing an additional 18,980 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter worth approximately $518,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CGEM. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Wedbush reissued an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a report on Thursday, June 11th. BTIG Research upped their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.14.

Cullinan Therapeutics Company Profile

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.