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

Key Points

• Cullinan Therapeutics reported quarterly earnings of -$0.75 per share, beating analyst expectations of -$0.84 by $0.09.
• The stock slipped to $14.55 in Friday trading after the report, even though it remains above its 50-day and 200-day moving averages.
• Analyst sentiment is still mostly positive, with a Moderate Buy consensus and a $30.00 average price target, despite a few recent downgrades and insider selling.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) released its 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

NASDAQ CGEM traded down $0.17 during trading on Friday, reaching $14.55. 625,144 shares of the company traded hands, compared to its average volume of 783,465. The stock's 50 day moving average price is $14.27 and its two-hundred day moving average price is $11.84. The company has a market cap of $894.10 million, a price-to-earnings ratio of -4.33 and a beta of -0.09. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $16.74.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CGEM. Wall Street Zen downgraded Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, February 8th. Wedbush lifted their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an "outperform" rating in a research report on Friday. HC Wainwright lifted their target price on Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Finally, Morgan Stanley reissued an "overweight" rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,582 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total transaction of $66,301.54. Following the sale, the insider directly owned 159,968 shares of the company's stock, valued at approximately $2,314,736.96. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacquelyn L. Sumer sold 3,601 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $52,106.47. Following the completion of the transaction, the insider owned 128,089 shares of the company's stock, valued at $1,853,447.83. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 86,492 shares of company stock valued at $1,230,319. Corporate insiders own 7.16% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cullinan Therapeutics by 1.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company's stock valued at $497,000 after acquiring an additional 888 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Cullinan Therapeutics by 62.4% in the fourth 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. Kennedy Capital Management LLC raised its stake in shares of Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company's stock valued at $489,000 after acquiring an additional 1,255 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Cullinan Therapeutics by 44.6% in the second 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. Finally, Rhumbline Advisers raised its stake in shares of Cullinan Therapeutics by 3.9% in the second quarter. Rhumbline Advisers now owns 74,105 shares of the company's stock valued at $558,000 after acquiring an additional 2,767 shares during the last quarter. 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.

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