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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been assigned a consensus recommendation of “Buy” from the six brokerages that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $32.00.

CGEM has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th.

Cullinan Therapeutics Trading Up 2.2 %

Shares of NASDAQ CGEM opened at $16.22 on Wednesday. The stock has a market cap of $940.44 million, a price-to-earnings ratio of -5.30 and a beta of -0.13. Cullinan Therapeutics has a 52 week low of $7.64 and a 52 week high of $30.19. The company’s 50-day moving average price is $17.35 and its 200 day moving average price is $19.22.

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

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares in the company, valued at $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC bought a new stake in shares of Cullinan Therapeutics during the second quarter valued at about $13,079,000. Lynx1 Capital Management LP purchased a new position in Cullinan Therapeutics in the 2nd quarter worth about $6,581,000. The Manufacturers Life Insurance Company boosted its position in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after acquiring an additional 4,393 shares during the period. Deerfield Management Company L.P. Series C lifted its holdings in shares of Cullinan Therapeutics by 188.1% during the 2nd 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. Finally, Affinity Asset Advisors LLC lifted its holdings in shares of Cullinan Therapeutics by 2.0% during the 2nd quarter. Affinity Asset Advisors LLC now owns 263,817 shares of the company’s stock valued at $4,601,000 after buying an additional 5,229 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.