Cullinan Therapeutics (NASDAQ:CGEM) Releases Earnings Results

Cullinan Therapeutics (NASDAQ:CGEM) announced its quarterly earnings data on Thursday. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01), FiscalAI reports.

Cullinan Therapeutics Trading Down 1.2%

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

Wall Street Analyst Weigh In

CGEM has been the topic of several research analyst reports. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. BTIG Research lifted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Finally, Wedbush restated an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.14.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction 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 completion of the sale, the insider owned 162,844 shares in the company, valued at approximately $2,901,880.08. The trade was a 4.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cullinan Therapeutics by 1.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock valued at $497,000 after buying an additional 888 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock valued at $489,000 after purchasing an additional 1,255 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after purchasing an additional 2,523 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock valued at $558,000 after purchasing an additional 2,767 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.