Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Average Recommendation of “Buy” by Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $31.67.

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

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $13.17 on Thursday. Cullinan Therapeutics has a one year low of $7.64 and a one year high of $30.19. The stock has a fifty day moving average of $15.57 and a 200 day moving average of $17.76. The stock has a market cap of $766.86 million, a PE ratio of -4.74 and a beta of -0.12.

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. As a group, sell-side analysts predict that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C grew its stake in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after acquiring an additional 2,141,706 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Braidwell LP grew its position in shares of Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after purchasing an additional 1,000,000 shares in the last quarter. Patient Square Capital LP purchased a new stake in shares of Cullinan Therapeutics in the third quarter worth about $13,806,000. Finally, Perceptive Advisors LLC bought a new position in Cullinan Therapeutics during the second quarter valued at approximately $13,079,000. Institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

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.