Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 5.6% – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 5.6% during trading on Friday . The stock traded as high as $11.56 and last traded at $11.56. 77,589 shares were traded during trading, a decline of 88% from the average session volume of 641,031 shares. The stock had previously closed at $10.95.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CGEM. UBS Group initiated coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, Wedbush reissued an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Trading Up 5.2 %

The stock has a market cap of $670.79 million, a price-to-earnings ratio of -4.06 and a beta of -0.18. The firm’s 50 day moving average is $14.38 and its two-hundred day moving average is $16.76.

Cullinan Therapeutics (NASDAQ:CGEM) last announced 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, equities analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the stock. RTW Investments LP increased its holdings 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 worth $28,558,000 after buying an additional 653,330 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after acquiring an additional 1,136,993 shares in the last quarter. Braidwell LP boosted its position in Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares during the period. E Fund Management Co. Ltd. purchased a new position in Cullinan Therapeutics in the second quarter valued at about $1,305,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after purchasing an additional 53,328 shares in the last quarter. Hedge funds and other institutional investors 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.