Cullinan Therapeutics (NASDAQ:CGEM) Trading 5.6% Higher – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 5.6% on Friday . The stock traded as high as $11.56 and last traded at $11.56. 77,589 shares traded hands during trading, a decline of 88% from the average session volume of 641,031 shares. The stock had previously closed at $10.95.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of analyst reports. UBS Group started coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Price Performance

The stock has a 50-day moving average price of $14.28 and a two-hundred day moving average price of $16.68. The stock has a market cap of $675.44 million, a PE ratio of -4.08 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.09. Equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 3,489 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the sale, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 16,182 shares of company stock valued at $222,349 over the last 90 days. 6.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. Bank of New York Mellon Corp raised its stake in shares of Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after acquiring an additional 43,757 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after purchasing an additional 3,758 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Cullinan Therapeutics by 16.4% during the second quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock valued at $948,000 after buying an additional 7,649 shares during the period. Arizona State Retirement System purchased a new stake in shares of Cullinan Therapeutics in the second quarter worth approximately $182,000. Finally, American Century Companies Inc. raised its holdings in shares of Cullinan Therapeutics by 32.9% in the second quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock worth $1,326,000 after buying an additional 18,840 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

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.