Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Recommendation of “Buy” from Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $31.67.

A number of equities analysts recently weighed in on CGEM shares. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, UBS Group started coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $13.09 on Thursday. Cullinan Therapeutics has a 52 week low of $7.64 and a 52 week high of $30.19. The firm has a 50-day moving average price of $15.85 and a two-hundred day moving average price of $18.04. The firm has a market cap of $762.23 million, a price-to-earnings ratio of -4.61 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, sell-side analysts forecast that Cullinan Therapeutics will post -3.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the transaction, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C increased its holdings in shares of Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares during the period. State Street Corp grew its position in Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after buying an additional 396,034 shares in the last quarter. RTW Investments LP grew its position in Cullinan Therapeutics by 62.1% during the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after buying an additional 653,330 shares in the last quarter. Holocene Advisors LP increased its stake in Cullinan Therapeutics by 16.5% in the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after acquiring an additional 231,935 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, 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.