Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up to $17.06

Cullinan Oncology, Inc. (NASDAQ:CGEM) shares gapped up prior to trading on Thursday . The stock had previously closed at $17.06, but opened at $17.46. Cullinan Oncology shares last traded at $17.05, with a volume of 7,720 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wedbush assumed coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $34.00 price objective on shares of Cullinan Oncology in a research note on Thursday, March 14th.

Cullinan Oncology Price Performance

The company has a market capitalization of $717.91 million, a price-to-earnings ratio of -4.52 and a beta of 0.33. The business’s 50 day simple moving average is $17.35 and its 200 day simple moving average is $12.39.

Cullinan Oncology (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.42. As a group, analysts expect that Cullinan Oncology, Inc. will post -3.55 EPS for the current fiscal year.

Insider Transactions at Cullinan Oncology

In other news, insider Corrine Savill sold 18,684 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $12.14, for a total transaction of $226,823.76. Following the transaction, the insider now directly owns 165,990 shares in the company, valued at $2,015,118.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 98,684 shares of company stock worth $1,437,624 over the last ninety days. 8.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Blue Owl Capital Holdings LP acquired a new position in Cullinan Oncology during the fourth quarter worth about $34,848,000. Assenagon Asset Management S.A. grew its position in Cullinan Oncology by 380.1% during the third quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock worth $5,512,000 after buying an additional 482,234 shares during the period. Franklin Resources Inc. grew its position in Cullinan Oncology by 13.5% during the fourth quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after buying an additional 390,505 shares during the period. Millennium Management LLC grew its position in Cullinan Oncology by 2,959.3% during the second quarter. Millennium Management LLC now owns 321,684 shares of the company’s stock worth $4,124,000 after buying an additional 311,169 shares during the period. Finally, Affinity Asset Advisors LLC acquired a new position in Cullinan Oncology during the fourth quarter worth about $3,057,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.