Cullinan Therapeutics (NASDAQ:CGEM) Issues Quarterly Earnings Results

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

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM traded down $0.22 during trading on Friday, reaching $17.73. The stock had a trading volume of 361,734 shares, compared to its average volume of 554,218. The firm’s fifty day moving average is $16.59 and its 200 day moving average is $14.80. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $19.43. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -5.72 and a beta of 0.01.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Monday, July 6th. The shares were sold at an average price of $17.82, for a total transaction of $142,560.00. Following the completion of the transaction, the insider owned 162,844 shares of the company’s stock, valued at $2,901,880.08. This trade 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 available at the SEC website. 8.60% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the business. Invesco Ltd. grew its holdings in Cullinan Therapeutics by 27.4% during the 4th quarter. Invesco Ltd. now owns 130,323 shares of the company’s stock worth $1,349,000 after acquiring an additional 28,011 shares during the period. Virtus Investment Advisers LLC lifted 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 period. Susquehanna Portfolio Strategies LLC lifted its stake in shares of Cullinan Therapeutics by 87.8% in the 4th 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 boosted its position in shares of Cullinan Therapeutics by 37.7% during the 4th 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 in the last quarter. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at about $518,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.