HC Wainwright Weighs in on Cullinan Oncology, Inc.’s Q2 2024 Earnings (NASDAQ:CGEM)

Cullinan Oncology, Inc. (NASDAQ:CGEM) – Stock analysts at HC Wainwright lifted their Q2 2024 EPS estimates for Cullinan Oncology in a note issued to investors on Tuesday, April 16th. HC Wainwright analyst E. White now forecasts that the company will earn ($0.67) per share for the quarter, up from their prior estimate of ($0.98). HC Wainwright has a “Buy” rating and a $29.00 price objective on the stock. The consensus estimate for Cullinan Oncology’s current full-year earnings is ($3.55) per share. HC Wainwright also issued estimates for Cullinan Oncology’s Q3 2024 earnings at ($0.71) EPS, Q4 2024 earnings at ($0.78) EPS, FY2024 earnings at ($3.06) EPS, FY2025 earnings at ($2.52) EPS and FY2026 earnings at ($2.96) EPS.

CGEM has been the topic of several other research reports. BTIG Research upped their target price on shares of Cullinan Oncology from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. William Blair began coverage on shares of Cullinan Oncology in a research note on Monday. They issued an “outperform” rating on the stock. Finally, Wedbush began coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price on the stock. Six investment 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 $27.75.

Cullinan Oncology Stock Performance

Shares of NASDAQ CGEM opened at $17.88 on Thursday. The firm’s 50 day moving average price is $17.29 and its 200-day moving average price is $12.57. The company has a market cap of $770.02 million, a PE ratio of -4.85 and a beta of 0.33. Cullinan Oncology has a 52-week low of $7.64 and a 52-week high of $20.62.

Cullinan Oncology (NASDAQ:CGEM) last issued its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.42.

Insider Activity at Cullinan Oncology

In related news, insider Corrine Savill sold 40,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $14.09, for a total transaction of $563,600.00. Following the transaction, the insider now owns 165,990 shares in the company, valued at $2,338,799.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 98,684 shares of company stock worth $1,437,624 over the last quarter. Company insiders own 8.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new position in Cullinan Oncology in the second quarter worth approximately $53,000. China Universal Asset Management Co. Ltd. raised its position in Cullinan Oncology by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after acquiring an additional 3,859 shares during the period. Point72 Middle East FZE bought a new position in Cullinan Oncology in the second quarter worth approximately $59,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after acquiring an additional 6,085 shares during the period. Finally, Royal Bank of Canada raised its position in Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after acquiring an additional 7,492 shares during the period. 86.31% of the stock is currently owned by institutional investors.

About Cullinan Oncology

Cullinan Oncology, 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.