Morgan Stanley Reaffirms Overweight Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “overweight” rating reissued by research analysts at Morgan Stanley in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $35.00 price objective on the stock, down from their prior price objective of $38.00. Morgan Stanley’s price objective would suggest a potential upside of 301.84% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a research note on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $32.86.

Cullinan Therapeutics Price Performance

Shares of CGEM opened at $8.71 on Friday. The firm has a market cap of $509.65 million, a P/E ratio of -3.07 and a beta of -0.12. The stock has a 50 day simple moving average of $10.14 and a two-hundred day simple moving average of $13.62. Cullinan Therapeutics has a 1 year low of $7.90 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.02. On average, equities analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the completion of the transaction, the insider now directly owns 99,760 shares in the company, valued at $1,138,261.60. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the sale, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,006 shares of company stock worth $395,604. 6.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. RTW Investments LP lifted its position in shares of Cullinan Therapeutics by 62.1% during the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after buying an additional 653,330 shares in the last quarter. Braidwell LP lifted its position in shares of Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after buying an additional 1,000,000 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Cullinan Therapeutics by 43.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company’s stock valued at $374,000 after buying an additional 9,385 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Cullinan Therapeutics by 25.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock valued at $487,000 after buying an additional 5,842 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after buying an additional 231,935 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.