Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Average Recommendation of “Buy” by Brokerages

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average recommendation of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $31.67.

Several research firms recently issued reports on CGEM. Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target on the stock.

Cullinan Therapeutics Stock Performance

CGEM opened at $13.09 on Thursday. The company has a market cap of $762.23 million, a PE ratio of -4.61 and a beta of -0.12. The stock has a 50-day moving average of $15.85 and a 200-day moving average of $18.04. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. On average, research analysts predict that Cullinan Therapeutics will post -3.12 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the sale, the insider now owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Amalgamated Bank increased its holdings in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after acquiring an additional 3,758 shares in the last quarter. Arizona State Retirement System bought a new stake in Cullinan Therapeutics in the second quarter valued at about $182,000. Squarepoint Ops LLC acquired a new position in Cullinan Therapeutics in the second quarter worth about $186,000. Finally, China Universal Asset Management Co. Ltd. raised its position in Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.