Cullinan Therapeutics (NASDAQ:CGEM) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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

Cullinan Therapeutics Stock Performance

NASDAQ CGEM traded down $0.22 during trading on Friday, hitting $17.73. 361,734 shares of the company’s stock traded hands, compared to its average volume of 554,218. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -5.72 and a beta of 0.01. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $19.43. The business has a 50 day moving average of $16.59 and a 200-day moving average of $14.80.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 162,844 shares in the company, valued at approximately $2,901,880.08. This represents a 4.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in Cullinan Therapeutics by 62.4% during 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 in the last quarter. Tower Research Capital LLC TRC raised its position 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 worth $62,000 after buying an additional 2,523 shares in the last quarter. Quarry LP purchased a new stake in shares of Cullinan Therapeutics in the fourth quarter worth $99,000. Massar Capital Management LP bought a new stake in Cullinan Therapeutics during the second quarter valued at $101,000. Finally, Great Lakes Advisors LLC bought a new stake in Cullinan Therapeutics during the fourth quarter valued at $128,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CGEM shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. BTIG Research upped their price objective on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Wedbush reaffirmed an “outperform” rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday, June 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.14.

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.