Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 10.6% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shot up 10.6% during trading on Thursday . The company traded as high as $12.92 and last traded at $12.83. 398,111 shares traded hands during trading, a decline of 38% from the average session volume of 646,369 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of analyst reports. BTIG Research increased their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, November 24th. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Wedbush increased their price target on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Morgan Stanley reissued an “overweight” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Finally, HC Wainwright upped their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.71.

Cullinan Therapeutics Trading Up 8.4%

The firm has a market cap of $742.59 million, a PE ratio of -3.80 and a beta of -0.09. The firm’s 50 day simple moving average is $10.54 and its 200 day simple moving average is $8.48.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.18. As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $12.30, for a total value of $49,200.00. Following the sale, the insider owned 138,004 shares of the company’s stock, valued at $1,697,449.20. The trade was a 2.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $44,791.44. Following the sale, the insider directly owned 169,532 shares in the company, valued at $1,639,374.44. This trade represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,420 shares of company stock worth $306,882 over the last three months. 7.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently bought and sold shares of the business. Rafferty Asset Management LLC increased its holdings in shares of Cullinan Therapeutics by 3.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock worth $242,000 after buying an additional 1,503 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after acquiring an additional 2,523 shares during the last quarter. Rhumbline Advisers grew its position in Cullinan Therapeutics by 3.9% in the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after acquiring an additional 2,767 shares in the last quarter. Tema Etfs LLC increased its stake in Cullinan Therapeutics by 9.0% during the second quarter. Tema Etfs LLC now owns 42,692 shares of the company’s stock worth $321,000 after acquiring an additional 3,528 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after acquiring an additional 3,607 shares during the last quarter. 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.