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

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

Cullinan Therapeutics Stock Down 4.7%

CGEM traded down $0.56 during trading on Tuesday, hitting $11.18. The company’s stock had a trading volume of 199,427 shares, compared to its average volume of 897,297. The stock has a market capitalization of $719.22 million, a price-to-earnings ratio of -3.60 and a beta of -0.03. Cullinan Therapeutics has a 12 month low of $7.25 and a 12 month high of $23.19. The firm’s 50 day moving average price is $16.77 and its two-hundred day moving average price is $15.83.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the sale, the insider directly owned 162,844 shares in the company, valued at $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 42,000 shares of company stock worth $829,800. 8.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. BTIG Research boosted their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.86.

About Cullinan Therapeutics

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.