Cullinan Therapeutics (NASDAQ:CGEM) Releases Earnings Results, Beats Estimates By $0.09 EPS

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

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock traded down $0.17 on Friday, hitting $14.55. 625,144 shares of the company’s stock traded hands, compared to its average volume of 783,465. The firm’s 50-day moving average price is $14.27 and its two-hundred day moving average price is $11.84. The stock has a market capitalization of $894.10 million, a PE ratio of -4.33 and a beta of -0.09. Cullinan Therapeutics has a one year low of $5.68 and a one year high of $16.74.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 target price for the company. BTIG Research restated a “buy” rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research report on Monday. Wall Street Zen cut shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Morgan Stanley restated an “overweight” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Finally, Citigroup initiated coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.00.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,582 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $66,301.54. Following the completion of the sale, the insider owned 159,968 shares in the company, valued at approximately $2,314,736.96. The trade was a 2.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mary Kay Fenton sold 4,398 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the sale, the chief financial officer owned 126,380 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 86,492 shares of company stock worth $1,230,319. 7.16% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in CGEM. Caitong International Asset Management Co. Ltd raised its position in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after acquiring an additional 1,036 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after acquiring an additional 2,523 shares during the last quarter. Quarry LP bought a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at $99,000. Massar Capital Management LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $101,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at $128,000. Institutional investors own 86.31% of the company’s stock.

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.