Wedbush Reiterates “Outperform” Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report released on Thursday,Benzinga reports. They currently have a $37.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 192.49% from the stock’s previous close.

Several other brokerages also recently issued reports on CGEM. BTIG Research restated a “buy” rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday. Citigroup initiated coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Zacks Research lowered shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Up 5.0%

Shares of NASDAQ:CGEM opened at $12.65 on Thursday. The company has a market cap of $777.47 million, a price-to-earnings ratio of -3.73 and a beta of -0.01. The business has a 50 day moving average price of $14.50 and a 200 day moving average price of $12.98. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.09. Analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total value of $116,960.00. Following the sale, the insider owned 166,844 shares of the company’s stock, valued at $2,439,259.28. The trade was a 4.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 8.60% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd bought a new position in Cullinan Therapeutics during the first quarter worth about $163,000. Jane Street Group LLC grew its stake in shares of Cullinan Therapeutics by 145.9% in the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock valued at $260,000 after purchasing an additional 109,413 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Cullinan Therapeutics in the 1st quarter worth approximately $618,000. Creative Planning lifted its position in shares of Cullinan Therapeutics by 222.2% during the 2nd quarter. Creative Planning now owns 41,723 shares of the company’s stock worth $314,000 after buying an additional 28,773 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Cullinan Therapeutics by 122.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company’s stock worth $731,000 after buying an additional 53,522 shares during the period. 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.