HC Wainwright Reaffirms “Buy” Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued on Friday,Benzinga reports. They presently have a $33.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 288.69% from the company’s current price.

Cullinan Therapeutics Trading Down 1.4 %

NASDAQ CGEM opened at $8.49 on Friday. The stock has a market capitalization of $494.36 million, a price-to-earnings ratio of -2.99 and a beta of -0.16. Cullinan Therapeutics has a twelve month low of $8.29 and a twelve month high of $30.19. The stock has a 50-day moving average of $10.53 and a 200 day moving average of $13.92.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.02. Equities analysts predict that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Insider Activity

In other news, CEO Nadim Ahmed sold 8,400 shares of the company’s 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 sale, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares of the company’s stock, valued at $1,138,261.60. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,006 shares of company stock worth $395,604 over the last ninety days. Corporate insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C grew its position in Cullinan Therapeutics by 3.0% in the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company’s stock worth $41,161,000 after acquiring an additional 99,399 shares during the period. Blue Owl Capital Holdings LP raised its stake in shares of Cullinan Therapeutics by 17.9% in the fourth quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company’s stock valued at $28,878,000 after acquiring an additional 360,000 shares in the last quarter. State Street Corp raised its stake in shares of Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after acquiring an additional 396,034 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Cullinan Therapeutics by 0.4% in the fourth quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock valued at $26,792,000 after acquiring an additional 8,447 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Cullinan Therapeutics by 8.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock valued at $24,500,000 after acquiring an additional 157,115 shares in the last quarter. 86.31% of the stock is currently 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.