Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $31.67 Consensus PT from Brokerages

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

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

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $13.45 on Thursday. The firm has a fifty day moving average price of $15.57 and a two-hundred day moving average price of $17.89. The company has a market cap of $783.19 million, a price-to-earnings ratio of -4.74 and a beta of -0.12. Cullinan Therapeutics has a one year low of $7.64 and a one year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. Equities research analysts expect that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares in the company, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in shares of Cullinan Therapeutics by 757.2% in the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after buying an additional 75,236 shares during the period. Marshall Wace LLP raised its stake in shares of Cullinan Therapeutics by 2,416.9% during the second 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 during the last quarter. E Fund Management Co. Ltd. purchased a new stake in shares of Cullinan Therapeutics during the second quarter worth about $1,305,000. Braidwell LP grew its stake in shares of Cullinan Therapeutics by 567.6% in the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

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.