Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up After Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEMGet Free Report)’s share price gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $28.00 to $33.00. The stock had previously closed at $10.45, but opened at $10.82. HC Wainwright currently has a buy rating on the stock. Cullinan Therapeutics shares last traded at $10.94, with a volume of 36,936 shares.

Separately, UBS Group assumed coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $32.50.

Read Our Latest Research Report on Cullinan Therapeutics

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 3,489 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total value of $43,682.28. Following the transaction, the insider now owns 104,453 shares of the company’s stock, valued at $1,307,751.56. This represents a 3.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,582 shares of company stock valued at $372,097 over the last three months. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank grew its position in shares of Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after acquiring an additional 872 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Cullinan Therapeutics in the 4th quarter worth about $136,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after purchasing an additional 1,195 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics during the second quarter valued at approximately $186,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Cullinan Therapeutics by 40.7% during the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after buying an additional 4,393 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Performance

The business has a fifty day moving average of $11.74 and a 200-day moving average of $15.24. The firm has a market capitalization of $639.37 million, a P/E ratio of -3.87 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEMGet Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Cullinan Therapeutics Company Profile

(Get Free Report)

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.

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