Leerink Partnrs Analysts Raise Earnings Estimates for Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) – Investment analysts at Leerink Partnrs lifted their Q2 2024 earnings per share (EPS) estimates for Cullinan Therapeutics in a research report issued on Wednesday, May 15th. Leerink Partnrs analyst A. Berens now anticipates that the company will post earnings per share of ($0.75) for the quarter, up from their prior forecast of ($0.82). The consensus estimate for Cullinan Therapeutics’ current full-year earnings is ($3.15) per share. Leerink Partnrs also issued estimates for Cullinan Therapeutics’ Q3 2024 earnings at ($0.84) EPS, Q4 2024 earnings at ($0.93) EPS, FY2024 earnings at ($3.35) EPS, FY2025 earnings at ($4.21) EPS, FY2026 earnings at ($2.93) EPS and FY2027 earnings at $0.64 EPS.

A number of other research firms have also commented on CGEM. Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. BTIG Research raised their price target on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Jonestrading raised their price target on Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. William Blair began coverage on Cullinan Therapeutics in a research note on Monday, April 15th. They issued an “outperform” rating on the stock. Finally, Stifel Nicolaus began coverage on Cullinan Therapeutics in a research note on Wednesday, May 1st. They issued a “buy” rating and a $40.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Down 3.4 %

CGEM opened at $23.16 on Monday. The firm has a market cap of $997.41 million, a P/E ratio of -7.40 and a beta of -0.01. Cullinan Therapeutics has a 52 week low of $7.64 and a 52 week high of $30.19. The business’s fifty day simple moving average is $20.34 and its 200 day simple moving average is $15.20.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.42.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds have recently modified their holdings of CGEM. Ameritas Investment Partners Inc. raised its holdings in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after buying an additional 615 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after purchasing an additional 3,859 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cullinan Therapeutics by 1,331.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in Cullinan Therapeutics during the 4th quarter valued at approximately $102,000. Finally, Annandale Capital LLC grew its stake in Cullinan Therapeutics by 20.0% during the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock valued at $109,000 after purchasing an additional 2,000 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 58,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the sale, the insider now directly owns 129,582 shares in the company, valued at approximately $3,637,366.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.82% 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.