Cullinan Therapeutics (NASDAQ:CGEM) Announces Earnings Results, Misses Estimates By $0.01 EPS

Cullinan Therapeutics (NASDAQ:CGEM) released its 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

Cullinan Therapeutics stock traded down $0.22 during mid-day 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 has a market capitalization of $1.09 billion, a PE ratio of -5.72 and a beta of 0.01. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $19.43. The stock’s 50-day simple moving average is $16.59 and its 200-day simple moving average is $14.80.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $17.82, for a total value of $142,560.00. Following the transaction, the insider directly owned 162,844 shares in the company, valued at $2,901,880.08. This trade represents a 4.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Affinity Asset Advisors LLC lifted its holdings in shares of Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Lynx1 Capital Management LP grew its holdings in Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after buying an additional 1,365,248 shares in the last quarter. State Street Corp raised its position in Cullinan Therapeutics by 31.0% in the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after buying an additional 520,024 shares during the last quarter. Caption Management LLC raised its position in Cullinan Therapeutics by 107.0% in the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after buying an additional 435,062 shares during the last quarter. Finally, Nuveen LLC raised its position in Cullinan Therapeutics by 168.6% in the 4th quarter. Nuveen LLC now owns 579,095 shares of the company’s stock valued at $5,994,000 after buying an additional 363,500 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CGEM. Wedbush reiterated an “outperform” rating and set a $37.00 price target on shares of Cullinan Therapeutics in a report on Thursday, June 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. BTIG Research raised their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Finally, Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Six equities research 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.