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

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been assigned an average rating of “Buy” from the seven research firms that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have covered the stock in the last year is $31.67.

CGEM has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush restated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company.

Cullinan Therapeutics Trading Down 6.8 %

Shares of NASDAQ CGEM opened at $12.02 on Monday. Cullinan Therapeutics has a 12-month low of $9.91 and a 12-month high of $30.19. The firm’s 50-day moving average price is $13.83 and its 200-day moving average price is $16.28. The stock has a market capitalization of $699.90 million, a price-to-earnings ratio of -4.23 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, equities analysts predict that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the sale, the insider now owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,582 shares of company stock valued at $322,057. 6.07% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank raised its holdings in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after buying an additional 3,758 shares in the last quarter. Arizona State Retirement System purchased a new stake in Cullinan Therapeutics during the second quarter worth $182,000. Squarepoint Ops LLC bought a new stake in Cullinan Therapeutics during the 2nd quarter valued at $186,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Cullinan Therapeutics by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after acquiring an additional 4,380 shares during the period. 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.