Cullinan Therapeutics (NASDAQ:CGEM) Coverage Initiated by Analysts at Citigroup

Citigroup initiated coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $33.00 price target on the stock. Citigroup’s price target indicates a potential upside of 165.27% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Guggenheim began coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Wedbush upped their target price on Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Finally, HC Wainwright boosted their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $29.33.

Cullinan Therapeutics Stock Up 2.1%

Shares of NASDAQ:CGEM opened at $12.44 on Tuesday. The business’s 50 day moving average is $11.20 and its 200 day moving average is $9.08. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $13.43. The stock has a market cap of $734.96 million, a price-to-earnings ratio of -3.76 and a beta of -0.09.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 9,922 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total value of $99,319.22. Following the completion of the transaction, the chief executive officer directly owned 420,699 shares of the company’s stock, valued at approximately $4,211,196.99. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Alan Jones sold 4,632 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $44,791.44. Following the sale, the insider directly owned 169,532 shares in the company, valued at $1,639,374.44. The trade was a 2.66% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 33,836 shares of company stock valued at $361,087. Corporate insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its stake in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after purchasing an additional 1,036 shares in the last quarter. CWM LLC raised its position in shares of Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares in the last quarter. Signaturefd LLC raised its position in shares of Cullinan Therapeutics by 689.7% in the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after buying an additional 3,607 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after buying an additional 2,523 shares during the period. Finally, Quarry LP purchased a new position in Cullinan Therapeutics during the fourth quarter worth about $99,000. 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.