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

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

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM traded up $0.17 during mid-day trading on Thursday, hitting $8.62. The company had a trading volume of 276,907 shares, compared to its average volume of 457,011. Cullinan Therapeutics has a fifty-two week low of $8.35 and a fifty-two week high of $30.19. The firm has a market cap of $501.98 million, a P/E ratio of -3.04 and a beta of -0.16. The business’s fifty day moving average is $10.64 and its two-hundred day moving average is $14.03.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction 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 filing with the SEC, which can be accessed through this link. Also, insider Jennifer Michaelson sold 3,489 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were 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 approximately $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,582 shares of company stock worth $246,977. 6.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.