Cullinan Therapeutics (NASDAQ:CGEM) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Cullinan Therapeutics (NASDAQ:CGEM) released its quarterly earnings results on Tuesday. The company reported ($0.74) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.10, FiscalAI reports.

Here are the key takeaways from Cullinan Therapeutics’ conference call:

• CLN-978 is approaching a key data milestone: Cullinan expects to present multi-dose results in December from about 20 patients across SLE, RA and Sjögren’s disease, including at least six months of follow-up for some single-dose patients. Management said the results will help guide Phase II dose and schedule selection, which it plans to pursue next year; efficacy and durability remain to be established in larger studies.
• The BCMA program expands Cullinan’s autoimmune strategy beyond CD19-targeted CLN-978 to diseases driven by long-lived plasma cells. The company has cleared U.S. and Australian INDs and plans a Phase I/II study in autoimmune cytopenias, following proof-of-concept data presented by partner Genrix Bio in SLE.
• CLN-049 has advanced into a pivotal study for relapsed/refractory AML. Management highlighted a 26% composite complete-remission rate at the 12-microgram/kg dose with step-up dosing, and said the upcoming ASH presentation will provide more detail on response durability and safety. The Phase II study is limiting enrollment to patients with no more than two prior lines of therapy.
• Zipalertinib is moving toward regulatory decisions in both second- and frontline lung cancer. The second-line application has a February 2027 PDUFA date, while the frontline submission is underway after promising progression-free-survival results; the company said mature overall-survival data are still pending.
• Cullinan reported more than $300 million in cash at September’s end, with runway into 2029 based on its current plans and assumed zipalertinib milestones. Management said potential regulatory payments and a U.S. profit share from zipalertinib could help fund continued development of its T-cell engager programs.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock traded up $0.14 during midday trading on Wednesday, hitting $11.37. 214,255 shares of the company’s stock were exchanged, compared to its average volume of 896,948. Cullinan Therapeutics has a 12-month low of $7.72 and a 12-month high of $23.19. The stock has a market cap of $731.97 million, a price-to-earnings ratio of -3.66 and a beta of -0.03. The firm’s 50 day simple moving average is $16.56 and its 200 day simple moving average is $15.82.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. BTIG Research raised their price target on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, October 28th. Wedbush lifted their price target on Cullinan Therapeutics from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.14.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. This represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 42,000 shares of company stock valued at $829,800 in the last quarter. Insiders own 8.60% of the company’s stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.