Shares of Cullinan Therapeutics Inc. (CGEM) surged 5.01% on Thursday after the biopharmaceutical company reported better-than-expected earnings for the third quarter of 2024.
The company reported a quarterly adjusted loss of $0.69 per share, beating analysts' consensus estimate of a $0.81 loss per share. While Cullinan had no reported revenue for the quarter, its net loss of $40.56 million was narrower than anticipated. The earnings beat was driven by cost controls and operational efficiencies.
Analysts have been cautiously optimistic on Cullinan, with all 10 analysts covering the stock rating it a "buy" or "strong buy." The average 12-month price target for the stock is $30, reflecting potential upside from current levels. With the better-than-expected Q3 results, the Street may revise its estimates higher going forward.
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