Cullinan Therapeutics (NASDAQ:CGEM) Trading 5.5% Higher

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 5.5% on Tuesday . The stock traded as high as $17.86 and last traded at $17.86. 28,177 shares traded hands during trading, a decline of 96% from the average session volume of 678,654 shares. The stock had previously closed at $16.93.

Wall Street Analysts Forecast Growth

CGEM has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday. William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $32.00.

Cullinan Therapeutics Trading Down 0.1 %

The firm has a 50-day moving average price of $18.02 and a 200-day moving average price of $19.25. The stock has a market capitalization of $993.03 million, a PE ratio of -5.50 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.02). Sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the transaction, the insider now owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Trexquant Investment LP purchased a new position in shares of Cullinan Therapeutics in the fourth quarter worth $356,000. SG Americas Securities LLC increased its holdings in shares of Cullinan Therapeutics by 757.2% in the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after buying an additional 75,236 shares during the last quarter. Parkman Healthcare Partners LLC grew its position in Cullinan Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after acquiring an additional 91,132 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Cullinan Therapeutics by 46.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Cullinan Therapeutics in the fourth quarter worth $179,000. 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.