Cullinan Oncology, Inc. (NASDAQ:CGEM) Forecasted to Earn Q1 2024 Earnings of ($0.72) Per Share

Cullinan Oncology, Inc. (NASDAQ:CGEM) – Wedbush upped their Q1 2024 EPS estimates for Cullinan Oncology in a research note issued on Tuesday, April 16th. Wedbush analyst R. Driscoll now forecasts that the company will post earnings per share of ($0.72) for the quarter, up from their previous estimate of ($0.97). Wedbush currently has a “Outperform” rating and a $30.00 price target on the stock. The consensus estimate for Cullinan Oncology’s current full-year earnings is ($3.60) per share. Wedbush also issued estimates for Cullinan Oncology’s Q2 2024 earnings at ($0.73) EPS, Q3 2024 earnings at ($0.70) EPS, Q4 2024 earnings at ($0.72) EPS, FY2024 earnings at ($2.87) EPS, Q1 2025 earnings at ($0.77) EPS, Q2 2025 earnings at ($0.80) EPS, Q3 2025 earnings at ($0.82) EPS, Q4 2025 earnings at ($0.75) EPS, FY2025 earnings at ($3.13) EPS, FY2026 earnings at ($3.21) EPS, FY2027 earnings at ($2.86) EPS and FY2028 earnings at ($0.27) EPS.

Other equities research analysts also recently issued reports about the company. William Blair assumed coverage on Cullinan Oncology in a report on Monday. They set an “outperform” rating on the stock. HC Wainwright decreased their price objective on Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday. BTIG Research lifted their price objective on Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Jonestrading lifted their price objective on Cullinan Oncology from $22.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $28.75.

Cullinan Oncology Stock Performance

NASDAQ CGEM opened at $18.06 on Thursday. The stock has a market cap of $777.84 million, a PE ratio of -4.89 and a beta of 0.33. Cullinan Oncology has a twelve month low of $7.64 and a twelve month high of $20.62. The firm has a 50-day simple moving average of $17.29 and a 200 day simple moving average of $12.60.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CGEM. Blue Owl Capital Holdings LP bought a new position in Cullinan Oncology in the 4th quarter worth approximately $34,848,000. Assenagon Asset Management S.A. raised its position in shares of Cullinan Oncology by 380.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock valued at $5,512,000 after acquiring an additional 482,234 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Cullinan Oncology by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after acquiring an additional 390,505 shares during the last quarter. Millennium Management LLC raised its position in shares of Cullinan Oncology by 2,959.3% during the 2nd quarter. Millennium Management LLC now owns 321,684 shares of the company’s stock valued at $4,124,000 after acquiring an additional 311,169 shares during the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in shares of Cullinan Oncology during the 4th quarter valued at $3,057,000. Institutional investors own 86.31% of the company’s stock.

Insider Activity

In other news, insider Corrine Savill sold 40,000 shares of Cullinan Oncology stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $16.18, for a total value of $647,200.00. Following the completion of the transaction, the insider now owns 165,990 shares in the company, valued at $2,685,718.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 98,684 shares of company stock worth $1,437,624. Insiders own 8.82% of the company’s stock.

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.