Cullinan Therapeutics (NASDAQ:CGEM) Upgraded at TD Cowen

Cullinan Therapeutics (NASDAQ:CGEM) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Wedbush boosted their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Finally, BTIG Research boosted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.86.

Cullinan Therapeutics Stock Up 0.6%

CGEM stock opened at $21.82 on Monday. The business has a 50 day moving average price of $18.05 and a 200 day moving average price of $15.48. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -7.04 and a beta of 0.01. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $22.54.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, sell-side analysts anticipate that Cullinan Therapeutics will post -3.07 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its position in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP purchased a new position in Cullinan Therapeutics during the 4th quarter worth $31,000. CWM LLC grew its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after purchasing an additional 1,318 shares during the last quarter. Allworth Financial LP acquired a new position in Cullinan Therapeutics in the second quarter valued at $53,000. Finally, Quantbot Technologies LP acquired a new position in Cullinan Therapeutics in the second quarter valued at $53,000. 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.