Cullinan Therapeutics (NASDAQ:CGEM) Hits New 12-Month High – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $14.02 and last traded at $13.9360, with a volume of 1179712 shares changing hands. The stock had previously closed at $12.44.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. BTIG Research upped their price objective on Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Morgan Stanley reissued an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Finally, Guggenheim initiated coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They issued a “buy” rating and a $30.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Trading Up 11.2%

The company’s fifty day simple moving average is $11.20 and its 200 day simple moving average is $9.08. The firm has a market capitalization of $817.37 million, a P/E ratio of -4.18 and a beta of -0.09.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 9,922 shares of the stock in a transaction on Tuesday, December 23rd. The stock was 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 owned 420,699 shares in the company, valued at approximately $4,211,196.99. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacquelyn L. Sumer sold 3,480 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 $33,651.60. Following the sale, the insider owned 135,432 shares in the company, valued at approximately $1,309,627.44. This trade represents a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 33,836 shares of company stock valued at $361,087. 7.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cullinan Therapeutics by 1.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock valued at $497,000 after purchasing an additional 888 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after buying an additional 1,036 shares during the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Cullinan Therapeutics by 2.7% during the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock valued at $489,000 after buying an additional 1,255 shares during the period. CWM LLC boosted its stake in shares of Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its stake 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. 86.31% of the stock is 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.