Where do you live? Do you have freezing during the winter? This is probably a totally normal response that happens on the SOUTH side of trees. The south side gets the sun and experiences free/thaw. Any wounds at all will gum. Ummm, this must be a cherry, fruit...?? Didn't look it up. Grins!
No problem unless gets infected. The gumming helps STOP infection as well as insects from getting in the cambium. If I were you I'd pull that dang bark stuff away from the bark. Make sure that no bark is under the soil or mulch! That will kill your tree! Roots are underground, bark is in the air!! So pull back that bark (get rid of chunky bark!! ugh!), leave gummosus alone and not to worry.
At least find a fine textured mulch (best if human poo mixed with sawdust and completely, COMPLETELY decomposed...BEAUTIFUL stuff...mulch should not be so coarse as to detract from the beauty of plants...tougher for decomposers to decompose to be able to feed your soil...blah, blah, blah...) (get rid of that awful mulch...this stuff is made from construction materials and called...shoot, can't remember at the moment! Awful stuff...awful. Does not inhibit weeds...doesn't feed your soil and looks...well...awful! Grin, ignore me if you like the look!!) Please tell me there is no landscape fabric or plastic beneath!! If there is...welp. Ask another question about it and I'll be jumping in with both feet!!