Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $36.00

Cullinan Therapeutics (NASDAQ:CGEM) had its price target raised by Wedbush from $34.00 to $36.00 in a report issued on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

CGEM has been the subject of a number of other research reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Guggenheim began coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Eight equities research 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 data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.56.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM opened at $13.49 on Wednesday. The stock has a market capitalization of $796.99 million, a price-to-earnings ratio of -4.03 and a beta of -0.15. The firm’s 50 day simple moving average is $12.70 and its 200-day simple moving average is $9.93. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.03. Analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 11,742 shares of Cullinan Therapeutics stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $14.08, for a total value of $165,327.36. Following the sale, the insider owned 181,977 shares in the company, valued at $2,562,236.16. This trade represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nadim Ahmed sold 16,381 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $223,109.22. Following the sale, the chief executive officer directly owned 404,318 shares of the company’s stock, valued at $5,506,811.16. This represents a 3.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 105,764 shares of company stock valued at $1,393,649. 7.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently bought and sold shares of CGEM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 acquiring an additional 888 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after acquiring an additional 1,036 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in shares of Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock worth $489,000 after acquiring an additional 1,255 shares during the last quarter. CWM LLC boosted its stake 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 acquiring an additional 1,318 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Cullinan Therapeutics by 3.8% during the third quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock worth $242,000 after purchasing an additional 1,503 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.