What is Leerink Partnrs’ Forecast for CGEM FY2024 Earnings?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) – Analysts at Leerink Partnrs lifted their FY2024 earnings estimates for Cullinan Therapeutics in a research report issued to clients and investors on Wednesday, February 5th. Leerink Partnrs analyst A. Berens now expects that the company will earn ($2.88) per share for the year, up from their previous estimate of ($3.42). The consensus estimate for Cullinan Therapeutics’ current full-year earnings is ($3.12) per share. Leerink Partnrs also issued estimates for Cullinan Therapeutics’ Q4 2024 earnings at ($0.60) EPS, FY2025 earnings at ($3.24) EPS, FY2026 earnings at ($2.79) EPS and FY2027 earnings at $0.02 EPS.

A number of other brokerages have also commented on CGEM. 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 upped their price target on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $32.50.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $10.10 on Monday. Cullinan Therapeutics has a one year low of $9.50 and a one year high of $30.19. The company has a market cap of $588.12 million, a PE ratio of -3.56 and a beta of -0.16. The firm has a 50-day moving average of $11.36 and a 200-day moving average of $14.75.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at $186,000. The Manufacturers Life Insurance Company raised its stake in Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after acquiring an additional 4,393 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Cullinan Therapeutics by 18.3% during the third quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock valued at $2,261,000 after purchasing an additional 20,841 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after purchasing an additional 3,881 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Insider Activity

In related news, insider Jennifer Michaelson sold 3,489 shares of the stock in a transaction dated 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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,582 shares of company stock valued at $246,977 over the last three months. Corporate insiders own 6.07% of the company’s stock.

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.