Cullinan Therapeutics (NASDAQ:CGEM) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Monday morning, Benzinga reports. The firm currently has a $28.00 target price on the stock.

Other equities analysts have also recently issued reports about the stock. Wedbush reiterated an outperform rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, August 8th. William Blair reissued an outperform rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $32.00.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $17.23 on Monday. The company has a market capitalization of $993.03 million, a PE ratio of -5.50 and a beta of -0.12. The company has a 50 day moving average price of $18.02 and a 200-day moving average price of $19.25. Cullinan Therapeutics has a fifty-two week low of $7.64 and a fifty-two week high of $30.19.

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

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’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 transaction, the insider now directly owns 115,942 shares in the company, valued at approximately $2,097,390.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of CGEM. Franklin Resources Inc. raised its position in shares of Cullinan Therapeutics by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after buying an additional 390,505 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its position in Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after acquiring an additional 2,141,706 shares during the period. Marshall Wace LLP grew its position in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares in the last quarter. Perceptive Advisors LLC purchased a new stake in shares of Cullinan Therapeutics during the second quarter worth $13,079,000. Finally, Parkman Healthcare Partners LLC lifted its holdings in shares of Cullinan Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock valued at $5,399,000 after buying an additional 91,132 shares during the last quarter. Institutional investors and hedge funds 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.