Cullinan Therapeutics (NASDAQ:CGEM) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Cullinan Therapeutics (NASDAQ:CGEM) posted its earnings results on Tuesday. The company reported ($0.74) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.10, FiscalAI reports.

Here are the key takeaways from Cullinan Therapeutics’ conference call:

• CLN-978 is approaching a key data milestone: Cullinan expects to present multi-dose results in December from about 20 patients across SLE, RA and Sjögren’s disease, including at least six months of follow-up for some single-dose patients. Management said the results will help guide Phase II dose and schedule selection, which it plans to pursue next year; efficacy and durability remain to be established in larger studies.
• The BCMA program expands Cullinan’s autoimmune strategy beyond CD19-targeted CLN-978 to diseases driven by long-lived plasma cells. The company has cleared U.S. and Australian INDs and plans a Phase I/II study in autoimmune cytopenias, following proof-of-concept data presented by partner Genrix Bio in SLE.
• CLN-049 has advanced into a pivotal study for relapsed/refractory AML. Management highlighted a 26% composite complete-remission rate at the 12-microgram/kg dose with step-up dosing, and said the upcoming ASH presentation will provide more detail on response durability and safety. The Phase II study is limiting enrollment to patients with no more than two prior lines of therapy.
• Zipalertinib is moving toward regulatory decisions in both second- and frontline lung cancer. The second-line application has a February 2027 PDUFA date, while the frontline submission is underway after promising progression-free-survival results; the company said mature overall-survival data are still pending.
• Cullinan reported more than $300 million in cash at September’s end, with runway into 2029 based on its current plans and assumed zipalertinib milestones. Management said potential regulatory payments and a U.S. profit share from zipalertinib could help fund continued development of its T-cell engager programs.

Cullinan Therapeutics Trading Up 1.1%

Shares of NASDAQ:CGEM opened at $11.35 on Thursday. The company has a market cap of $730.43 million, a price-to-earnings ratio of -3.70 and a beta of -0.03. Cullinan Therapeutics has a 12 month low of $7.72 and a 12 month high of $23.19. The company has a 50-day moving average price of $16.35 and a 200 day moving average price of $15.82.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $12.36, for a total transaction of $49,440.00. Following the sale, the insider directly owned 158,649 shares in the company, valued at $1,960,901.64. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 8.60% of the stock is owned by insiders.

Analyst Ratings Changes

CGEM has been the topic of a number of research reports. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wedbush increased their target price on Cullinan Therapeutics from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday. BTIG Research raised their target price on shares of Cullinan Therapeutics from $40.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.14.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.