Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Expected to Rise, HC Wainwright Analyst Says

Cullinan Therapeutics (NASDAQ:CGEMGet Free Report) had its price objective boosted by investment analysts at HC Wainwright from $28.00 to $33.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 200.55% from the stock’s current price.

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

Read Our Latest Stock Analysis on Cullinan Therapeutics

Cullinan Therapeutics Stock Performance

CGEM opened at $10.98 on Wednesday. The firm has a market cap of $639.37 million, a P/E ratio of -3.87 and a beta of -0.14. The business’s fifty day moving average is $11.74 and its 200-day moving average is $15.24. Cullinan Therapeutics has a 52-week low of $9.50 and a 52-week high of $30.19.

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

Insider Transactions at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares in the company, valued at $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,582 shares of company stock worth $372,097. Corporate insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CGEM. Amalgamated Bank raised its stake in 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 buying an additional 872 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Cullinan Therapeutics during the 4th quarter worth about $136,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Cullinan Therapeutics by 10.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after buying an additional 1,195 shares during the period. Squarepoint Ops LLC bought a new stake in Cullinan Therapeutics in the 2nd quarter valued at about $186,000. Finally, The Manufacturers Life Insurance Company raised its stake 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 buying an additional 4,393 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

About Cullinan Therapeutics

(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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Analyst Recommendations for Cullinan Therapeutics (NASDAQ:CGEM)

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