Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Average Recommendation of “Buy” from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received a consensus recommendation of “Buy” from the six ratings firms that are covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $32.00.

Several equities research analysts have recently commented on the stock. William Blair reiterated an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday.

Cullinan Therapeutics Stock Down 0.1 %

Shares of CGEM stock opened at $17.23 on Friday. The company has a market capitalization of $993.03 million, a P/E ratio of -5.50 and a beta of -0.12. Cullinan Therapeutics has a 12-month low of $7.64 and a 12-month high of $30.19. The firm has a 50-day moving average price of $18.02 and a 200 day moving average price of $19.25.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate 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 Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the transaction, the insider now owns 115,942 shares in the company, valued at $2,097,390.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Ameritas Investment Partners Inc. grew its stake in Cullinan Therapeutics by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after acquiring an additional 615 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Cullinan Therapeutics by 81.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock valued at $153,000 after purchasing an additional 4,042 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after purchasing an additional 3,758 shares during the period. NEOS Investment Management LLC bought a new stake in Cullinan Therapeutics during the 4th quarter worth approximately $162,000. Finally, Quest Partners LLC bought a new stake in Cullinan Therapeutics during the 4th quarter worth approximately $179,000. 86.31% of the stock is currently owned by institutional investors.

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.