Cullinan Therapeutics (NASDAQ:CGEM) Issues Quarterly Earnings Results

Key Points

• Quarterly EPS missed expectations: Cullinan Therapeutics reported a loss of $0.81 per share, slightly below the consensus estimate of a $0.80 loss.
• Shares remain near their 52-week high: CGEM traded at $17.73, with a market capitalization of approximately $1.09 billion; the stock’s 52-week range is $5.68 to $19.43.
• Analyst sentiment is broadly positive but mixed: Six analysts rate the stock a Buy, versus one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $32.14.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source