Cullinan Therapeutics (NASDAQ:CGEM) Announces Earnings Results

Cullinan Therapeutics (NASDAQ:CGEM) announced its quarterly earnings data on Thursday. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.02, Zacks reports.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock traded up $0.25 during mid-day trading on Thursday, hitting $8.70. The company’s stock had a trading volume of 243,210 shares, compared to its average volume of 456,070. Cullinan Therapeutics has a 52-week low of $8.35 and a 52-week high of $30.19. The stock has a market cap of $506.58 million, a price-to-earnings ratio of -3.06 and a beta of -0.16. The business has a 50-day moving average price of $10.64 and a 200 day moving average price of $14.03.

Insider Activity at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the sale, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,582 shares of company stock worth $246,977. 6.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their target price on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Buy” and a consensus target price of $32.50.

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.