Cullinan Therapeutics (NASDAQ:CGEM) Issues Earnings Results

Cullinan Therapeutics (NASDAQ:CGEM) released its quarterly earnings results on Thursday. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09, reports.

Cullinan Therapeutics Trading Up 2.8 %

NASDAQ CGEM opened at $16.02 on Friday. The company has a market cap of $928.84 million, a PE ratio of -5.24 and a beta of -0.12. Cullinan Therapeutics has a 12 month low of $7.64 and a 12 month high of $30.19. The stock has a 50 day moving average of $16.83 and a 200-day moving average of $19.13.

Analyst Ratings Changes

A number of research analysts recently issued reports on CGEM shares. UBS Group began coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, Wedbush restated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $31.67.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in CGEM. Amalgamated Bank raised its stake in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after acquiring an additional 872 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of Cullinan Therapeutics by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after purchasing an additional 615 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after purchasing an additional 3,758 shares during the period. Arizona State Retirement System acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth about $182,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth about $186,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.