Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Average Rating of “Buy” from Analysts

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $31.67.

CGEM has been the topic of several research reports. UBS Group began coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th.

Cullinan Therapeutics Stock Down 0.4 %

Shares of Cullinan Therapeutics stock opened at $10.14 on Friday. The company has a market capitalization of $590.45 million, a PE ratio of -3.57 and a beta of -0.14. Cullinan Therapeutics has a 52 week low of $9.50 and a 52 week high of $30.19. The stock’s fifty day moving average is $12.65 and its two-hundred day moving average is $15.68.

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

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $12.51, for a total value of $50,040.00. Following the sale, the insider now owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,582 shares of company stock valued at $372,097. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Amalgamated Bank grew its stake in shares of Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after acquiring an additional 872 shares during the last quarter. Arizona State Retirement System purchased a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $182,000. Squarepoint Ops LLC acquired a new position in Cullinan Therapeutics during the 2nd quarter valued at approximately $186,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after buying an additional 4,380 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Cullinan Therapeutics by 40.7% during the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after buying an additional 4,393 shares during the period. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.