HC Wainwright Lowers Cullinan Oncology (NASDAQ:CGEM) Price Target to $29.00

Cullinan Oncology (NASDAQ:CGEM) had its price target cut by HC Wainwright from $34.00 to $29.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. William Blair initiated coverage on Cullinan Oncology in a report on Monday. They issued an outperform rating for the company. Wedbush began coverage on Cullinan Oncology in a research note on Thursday, February 15th. They issued an outperform rating and a $30.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Oncology has a consensus rating of Buy and an average price target of $27.00.

Cullinan Oncology Stock Performance

Cullinan Oncology stock opened at $17.32 on Tuesday. Cullinan Oncology has a 52 week low of $7.64 and a 52 week high of $20.62. The stock has a market capitalization of $745.97 million, a P/E ratio of -4.69 and a beta of 0.33. The stock has a fifty day moving average of $17.30 and a 200-day moving average of $12.53.

Cullinan Oncology (NASDAQ:CGEM) last issued its 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. On average, research analysts forecast that Cullinan Oncology will post -3.55 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Oncology news, insider Corrine Savill sold 18,684 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $12.14, for a total value of $226,823.76. Following the transaction, the insider now owns 165,990 shares in the company, valued at $2,015,118.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 98,684 shares of company stock worth $1,437,624. Corporate insiders own 8.82% of the company’s stock.

Institutional Trading of Cullinan Oncology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Owl Capital Holdings LP purchased a new stake in shares of Cullinan Oncology during the fourth quarter valued at approximately $34,848,000. Franklin Resources Inc. increased its position in shares of Cullinan Oncology by 13.5% during the fourth quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after acquiring an additional 390,505 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cullinan Oncology by 0.7% during the third quarter. Vanguard Group Inc. now owns 2,765,005 shares of the company’s stock valued at $35,447,000 after acquiring an additional 19,486 shares during the last quarter. BlackRock Inc. increased its position in shares of Cullinan Oncology by 6.4% during the third quarter. BlackRock Inc. now owns 2,374,825 shares of the company’s stock valued at $30,445,000 after acquiring an additional 143,098 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Cullinan Oncology by 14.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 915,758 shares of the company’s stock worth $9,332,000 after buying an additional 117,042 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.