Cullinan Therapeutics (NASDAQ:CGEM) Announces Earnings Results

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

Cullinan Therapeutics Stock Performance

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

Analyst Ratings Changes

Several brokerages recently commented on CGEM. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a research report on Monday, May 4th. Guggenheim initiated coverage on Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 price target on the stock. Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Citigroup initiated coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,982 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $67,854.84. Following the completion of the transaction, the insider owned 164,550 shares in the company, valued at $2,241,171. This represents a 2.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Michaelson sold 11,742 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $14.08, for a total transaction of $165,327.36. Following the sale, the insider owned 181,977 shares of the company’s stock, valued at $2,562,236.16. This trade represents a 6.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 86,492 shares of company stock valued at $1,230,319 over the last quarter. Corporate insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently modified their holdings of the stock. Schonfeld Strategic Advisors LLC bought a new stake in Cullinan Therapeutics in the 4th quarter valued at about $172,000. AlphaCentric Advisors LLC purchased a new position in shares of Cullinan Therapeutics in the fourth quarter worth about $197,000. Fox Run Management L.L.C. increased its stake in shares of Cullinan Therapeutics by 36.6% in the fourth quarter. Fox Run Management L.L.C. now owns 21,204 shares of the company’s stock worth $219,000 after purchasing an additional 5,676 shares in the last quarter. Caption Management LLC raised its position in shares of Cullinan Therapeutics by 107.0% in the third quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after purchasing an additional 435,062 shares during the period. Finally, Magnetar Financial LLC bought a new stake in shares of Cullinan Therapeutics in the third quarter valued at approximately $156,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.