Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $32.00 Average Target Price from Brokerages

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average rating of “Buy” from the six ratings firms that are covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $32.00.

A number of equities research analysts recently weighed in on the company. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Stifel Nicolaus assumed coverage on Cullinan Therapeutics in a report on Wednesday, May 1st. They issued a “buy” rating and a $40.00 price target on the stock. BTIG Research upped their price target on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Monday, June 3rd.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 58,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the transaction, the insider now owns 129,582 shares of the company’s stock, valued at approximately $3,637,366.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its holdings in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after buying an additional 615 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Cullinan Therapeutics by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after buying an additional 3,859 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of Cullinan Therapeutics during the 4th quarter worth $102,000. Annandale Capital LLC increased its holdings in Cullinan Therapeutics by 20.0% in the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock valued at $109,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Bailard Inc. acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at $110,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Up 2.9 %

Shares of CGEM stock opened at $16.78 on Monday. The stock has a market capitalization of $967.03 million, a PE ratio of -5.36 and a beta of -0.12. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19. The stock’s 50-day moving average price is $22.50 and its 200 day moving average price is $17.67.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.04. Analysts expect that Cullinan Therapeutics will post -3.02 earnings per share for the current fiscal year.

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.