Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 7.6% – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded up 7.6% on Wednesday . The company traded as high as $14.61 and last traded at $14.5860. 318,128 shares changed hands during trading, a decline of 64% from the average daily volume of 873,857 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CGEM shares. Wedbush restated an “outperform” rating and set a $37.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Zacks Research downgraded Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average target price of $32.00.

Cullinan Therapeutics Stock Up 4.1%

The stock has a 50 day moving average of $14.43 and a 200 day moving average of $13.08. The company has a market capitalization of $923.74 million, a price-to-earnings ratio of -4.47 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. As a group, sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 transaction, the insider owned 166,844 shares in the company, valued at $2,439,259.28. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CGEM. Blue Owl Capital Holdings LP raised its holdings in shares of Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after purchasing an additional 125,000 shares during the period. AXQ Capital LP acquired a new position in shares of Cullinan Therapeutics during the third quarter worth approximately $194,000. UBS Group AG raised its position in shares of Cullinan Therapeutics by 44.4% during the fourth quarter. UBS Group AG now owns 271,736 shares of the company’s stock worth $2,812,000 after purchasing an additional 83,551 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics in the 4th quarter worth $12,803,000. Finally, Elmind Capital LP acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at $3,208,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.