Cullinan Oncology (NASDAQ:CGEM) Shares Up 5.9% on Analyst Upgrade

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s stock price traded up 5.9% on Thursday after Jonestrading raised their price target on the stock from $22.00 to $26.00. Jonestrading currently has a buy rating on the stock. Cullinan Oncology traded as high as $19.14 and last traded at $18.94. 60,437 shares traded hands during trading, a decline of 87% from the average session volume of 450,834 shares. The stock had previously closed at $17.88.

Other equities analysts also recently issued research reports about the stock. HC Wainwright cut their price target on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating on the stock in a research note on Tuesday. BTIG Research raised their target price on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday. Wedbush initiated coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, William Blair initiated coverage on shares of Cullinan Oncology in a research note on Monday. They issued an “outperform” rating on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Oncology currently has a consensus rating of “Buy” and a consensus target price of $28.75.

Insider Activity

In related news, insider Corrine Savill sold 18,684 shares of Cullinan Oncology stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $12.14, for a total transaction of $226,823.76. Following the sale, the insider now owns 165,990 shares of the company’s stock, valued at approximately $2,015,118.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 98,684 shares of company stock valued at $1,437,624. Company insiders own 8.82% of the company’s stock.

Institutional Investors Weigh In On Cullinan Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Blue Owl Capital Holdings LP purchased a new stake in Cullinan Oncology during the 4th quarter worth $34,848,000. Assenagon Asset Management S.A. grew its holdings in Cullinan Oncology by 380.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock worth $5,512,000 after acquiring an additional 482,234 shares in the last quarter. Franklin Resources Inc. grew its holdings in Cullinan Oncology by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after acquiring an additional 390,505 shares in the last quarter. Millennium Management LLC grew its holdings in Cullinan Oncology by 2,959.3% during the 2nd quarter. Millennium Management LLC now owns 321,684 shares of the company’s stock worth $4,124,000 after acquiring an additional 311,169 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in Cullinan Oncology during the 4th quarter worth $3,057,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Oncology Stock Performance

The company has a market capitalization of $777.84 million, a price-to-earnings ratio of -4.89 and a beta of 0.33. The company’s fifty day simple moving average is $17.29 and its two-hundred day simple moving average is $12.60.

Cullinan Oncology (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($0.96) by $0.42. Sell-side analysts anticipate that Cullinan Oncology, Inc. will post -3.6 EPS for the current year.

About Cullinan Oncology

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.