Cullinan Therapeutics, Inc. (NASDAQ:CGEM), a company focused on biological products, announced the results of its Annual Meeting of Stockholders, which took place on Tuesday. During the meeting, stockholders voted on the election of directors and the ratification of the company's independent registered accounting firm for the upcoming fiscal year.
Stockholders elected Anne-Marie Martin, Ph.D., and David Meek as Class I directors to the company's Board of Directors. Dr. Martin secured 25,054,060 votes for and 11,471,277 votes withheld, while Meek received an overwhelming 36,409,849 votes for and only 115,488 votes withheld. There were 4,156,894 broker non-votes for each nominee, which do not count towards the final result.
In addition, stockholders ratified the appointment of KPMG LLP as the independent registered accounting firm for Cullinan Therapeutics for the fiscal year ending December 31, 2024. The proposal passed with 40,163,993 votes for, 516,975 votes against, and only 1,263 abstentions, with no broker non-votes.
The election of board members and the ratification of the accounting firm are routine governance matters for publicly traded companies, ensuring oversight and financial transparency. The results of the meeting are based on a press release statement from the company.
Cullinan Therapeutics, previously known as Cullinan Oncology, Inc., Cullinan Management, Inc., and Cullinan Oncology, LLC, has undergone several name changes since its inception. The company is headquartered in Cambridge, Massachusetts, and operates under the SIC code 2836, which pertains to biological products excluding diagnostic substances.
In other recent news, Cullinan Oncology has been the subject of several recent developments. The company reported a first-quarter earnings per share loss of $0.86, better than the forecasted loss of $0.94. H.C. Wainwright slightly adjusted its full-year 2024 EPS estimate and reduced the price target to $28, maintaining a Buy rating.
On another note, Stifel initiated coverage on Cullinan Oncology with a Buy rating and a price target of $40.00, highlighting the company's bispecific T-cell engager, CLN-978, as a potential therapy for autoimmune diseases.
Cullinan Therapeutics also announced the appointment of Mary Kay Fenton as its new Chief Financial Officer, bringing over thirty years of financial and operational experience within the biotech sector.
Furthermore, H.C. Wainwright lowered its price target to $29 following the company's shift toward autoimmune diseases with its CLN-978 program. Lastly, BTIG maintained a Buy rating and raised its share price target to $30, reflecting the potential of CLN-978 in the systemic lupus erythematosus market.
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