Brokerages Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Target Price at $31.67

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of “Buy” from the seven research firms that are presently covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $31.67.

A number of research firms recently weighed in on CGEM. UBS Group initiated coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. Wedbush reissued an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CGEM. Deerfield Management Company L.P. Series C boosted its position in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares in the last quarter. Marshall Wace LLP increased its holdings in Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after acquiring an additional 1,136,993 shares in the last quarter. Perceptive Advisors LLC purchased a new position in Cullinan Therapeutics during the 2nd quarter valued at about $13,079,000. Lynx1 Capital Management LP purchased a new position in Cullinan Therapeutics during the 2nd quarter valued at about $6,581,000. Finally, Ensign Peak Advisors Inc purchased a new position in Cullinan Therapeutics during the 2nd quarter valued at about $2,595,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Up 0.4 %

CGEM opened at $15.98 on Friday. The company has a market cap of $926.52 million, a PE ratio of -5.19 and a beta of -0.12. Cullinan Therapeutics has a twelve month low of $7.64 and a twelve month high of $30.19. The company has a 50-day moving average price of $17.07 and a 200 day moving average price of $19.15.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly 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, sell-side analysts expect that Cullinan Therapeutics will post -3.2 earnings per share for the current year.

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.