Cullinan Therapeutics (NASDAQ:CGEM) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

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

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM traded down $0.18 during trading hours on Friday, reaching $8.43. The stock had a trading volume of 138,301 shares, compared to its average volume of 451,399. The stock has a market capitalization of $490.92 million, a PE ratio of -2.97 and a beta of -0.16. Cullinan Therapeutics has a 52 week low of $8.30 and a 52 week high of $30.19. The company has a 50 day moving average price of $10.59 and a two-hundred day moving average price of $14.00.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the transaction, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. This trade represents a 3.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,006 shares of company stock valued at $395,604. Insiders own 6.07% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and issued a $33.00 price objective on shares of Cullinan Therapeutics in a report on Friday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average 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.