Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 5.5%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares rose 5.5% during mid-day trading on Tuesday . The company traded as high as $17.86 and last traded at $17.86. Approximately 28,177 shares changed hands during trading, a decline of 96% from the average daily volume of 678,654 shares. The stock had previously closed at $16.93.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CGEM. Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Finally, HC Wainwright restated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Monday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Performance

The company has a 50 day moving average of $18.02 and a 200 day moving average of $19.25. The stock has a market capitalization of $993.03 million, a price-to-earnings ratio of -5.50 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). As a group, research analysts expect that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $16.33, for a total transaction of $130,640.00. Following the sale, the insider now owns 123,942 shares of the company’s stock, valued at approximately $2,023,972.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. raised its position in shares of Cullinan Therapeutics by 13.5% in the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after purchasing an additional 390,505 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its stake in Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after buying an additional 2,141,706 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares during the period. Perceptive Advisors LLC bought a new position in Cullinan Therapeutics in the 2nd quarter worth approximately $13,079,000. Finally, Parkman Healthcare Partners LLC lifted its holdings in Cullinan Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after purchasing an additional 91,132 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.