Cullinan Oncology (NASDAQ:CGEM) Reaches New 52-Week High at $21.89

Cullinan Oncology, Inc. (NASDAQ:CGEM) reached a new 52-week high on Friday . The company traded as high as $21.89 and last traded at $21.36, with a volume of 288839 shares traded. The stock had previously closed at $19.25.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Jonestrading raised their target price on Cullinan Oncology from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. HC Wainwright dropped their price objective on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. Wedbush began coverage on shares of Cullinan Oncology in a research report on Thursday, February 15th. They set an “outperform” rating and a $30.00 price objective for the company. William Blair began coverage on shares of Cullinan Oncology in a report on Monday, April 15th. They issued an “outperform” rating on the stock. Finally, BTIG Research increased their price target on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $28.75.

Cullinan Oncology Stock Performance

The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -6.86 and a beta of 0.33. The company has a 50 day moving average price of $17.32 and a 200 day moving average price of $13.05.

Cullinan Oncology (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.96) by $0.42. On average, research analysts forecast that Cullinan Oncology, Inc. will post -3.21 earnings per share for the current year.

Insider Activity

In other news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $16.18, for a total value of $647,200.00. Following the transaction, the insider now directly owns 165,990 shares in the company, valued at approximately $2,685,718.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.82% of the company’s stock.

Institutional Investors Weigh In On Cullinan Oncology

Several institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Cullinan Oncology during the 3rd quarter valued at about $116,000. Bank of New York Mellon Corp boosted its stake in shares of Cullinan Oncology by 11.5% in the third quarter. Bank of New York Mellon Corp now owns 97,159 shares of the company’s stock valued at $879,000 after purchasing an additional 9,989 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares in the last quarter. Assenagon Asset Management S.A. increased its stake 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 buying an additional 482,234 shares during the period. Finally, Barclays PLC lifted its holdings in Cullinan Oncology by 145.6% during the 3rd quarter. Barclays PLC now owns 53,393 shares of the company’s stock worth $483,000 after buying an additional 31,650 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.