Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 8.7% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 8.7% during mid-day trading on Tuesday . The stock traded as high as $15.75 and last traded at $16.0050. 1,072,491 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 789,751 shares. The stock had previously closed at $14.73.

Analyst Ratings Changes

Several research firms have recently issued reports on CGEM. Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. HC Wainwright raised their price objective on Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. Wedbush raised their price objective on Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

Cullinan Therapeutics Price Performance

The firm has a fifty day moving average price of $14.26 and a two-hundred day moving average price of $11.93. The stock has a market capitalization of $992.13 million, a PE ratio of -4.81 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.09. On average, research analysts expect that Cullinan Therapeutics, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,982 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $67,854.84. Following the transaction, the insider directly owned 164,550 shares in the company, valued at $2,241,171. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mary Kay Fenton sold 4,398 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $59,900.76. Following the transaction, the chief financial officer owned 126,380 shares in the company, valued at $1,721,295.60. The trade was a 3.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 86,492 shares of company stock worth $1,230,319 over the last three months. Corporate insiders own 7.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CGEM. Affinity Asset Advisors LLC increased its holdings in Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after purchasing an additional 1,668,289 shares during the period. Lynx1 Capital Management LP increased its holdings in Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after purchasing an additional 1,365,248 shares during the period. Boothbay Fund Management LLC bought a new stake in Cullinan Therapeutics during the 4th quarter valued at $12,803,000. State Street Corp boosted its position in Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after acquiring an additional 520,024 shares in the last quarter. Finally, Caption Management LLC boosted its position in Cullinan Therapeutics by 107.0% during the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after acquiring an additional 435,062 shares in the last quarter. 86.31% of the stock is currently 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.