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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has earned a consensus recommendation of “Buy” from the eight analysts that are covering the firm, MarketBeat.com reports. Eight analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $32.86.

A number of research analysts have weighed in on CGEM shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price objective (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a research note on Friday, February 28th.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $12.51, for a total transaction of $50,040.00. Following the sale, the insider now directly owns 95,760 shares in the company, valued at $1,197,957.60. This represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Nadim Ahmed sold 12,529 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the transaction, the chief executive officer now owns 430,621 shares of the company’s stock, valued at approximately $3,673,197.13. This trade represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,424 shares of company stock worth $198,667. 6.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. boosted its position in shares of Cullinan Therapeutics by 67.0% during the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after acquiring an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC increased its stake in Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after purchasing an additional 1,600 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Cullinan Therapeutics during the fourth quarter worth approximately $77,000. KLP Kapitalforvaltning AS acquired a new position in shares of Cullinan Therapeutics in the 4th quarter valued at $83,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Cullinan Therapeutics by 411.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company’s stock valued at $107,000 after buying an additional 7,079 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $7.50 on Wednesday. The firm’s 50 day simple moving average is $9.20 and its 200-day simple moving average is $12.40. Cullinan Therapeutics has a one year low of $7.27 and a one year high of $30.19. The firm has a market cap of $438.85 million, a PE ratio of -2.64 and a beta of -0.12.

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 the consensus estimate of ($0.75) by $0.02. Equities research analysts predict that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

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.