Cullinan Oncology (NASDAQ:CGEM) Trading Up 7.8%

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s share price was up 7.8% during trading on Wednesday . The stock traded as high as $18.24 and last traded at $17.97. Approximately 153,899 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 477,343 shares. The stock had previously closed at $16.67.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CGEM. BTIG Research lifted their target price on Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Jonestrading lifted their price objective on shares of Cullinan Oncology from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. HC Wainwright lowered their target price on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. William Blair assumed coverage on shares of Cullinan Oncology in a report on Monday, April 15th. They set an “outperform” rating on the stock. Finally, Wedbush began coverage on shares of Cullinan Oncology in a research report on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $28.75.

Cullinan Oncology Price Performance

The business’s fifty day moving average is $17.14 and its 200-day moving average is $12.82. The firm has a market cap of $813.59 million, a PE ratio of -4.82 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.96) by $0.42. Analysts forecast that Cullinan Oncology, Inc. will post -3.21 EPS for the current year.

Insider Transactions at Cullinan Oncology

In other Cullinan Oncology news, insider Corrine Savill sold 40,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $16.18, for a total transaction of $647,200.00. Following the sale, the insider now owns 165,990 shares of the company’s stock, valued at approximately $2,685,718.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 8.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CGEM. SG Americas Securities LLC bought a new position in shares of Cullinan Oncology in the third quarter valued at approximately $116,000. Bank of New York Mellon Corp grew its position in shares of Cullinan Oncology by 11.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 97,159 shares of the company’s stock valued at $879,000 after purchasing an additional 9,989 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after buying an additional 6,085 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Cullinan Oncology by 380.1% during the third quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock valued at $5,512,000 after buying an additional 482,234 shares during the period. Finally, Barclays PLC grew its position in Cullinan Oncology by 145.6% during the third quarter. Barclays PLC now owns 53,393 shares of the company’s stock worth $483,000 after buying an additional 31,650 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Oncology

Cullinan Oncology, 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.