Cullinan Therapeutics (NASDAQ:CGEM) Price Target Cut to $28.00 by Analysts at Morgan Stanley

Cullinan Therapeutics (NASDAQ:CGEM) had its price target lowered by Morgan Stanley from $35.00 to $28.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently commented on CGEM. UBS Group reduced their price target on Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Stifel Nicolaus initiated coverage on Cullinan Therapeutics in a research report on Wednesday, June 11th. They issued a “buy” rating and a $22.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $28.60.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $7.95 on Monday. Cullinan Therapeutics has a fifty-two week low of $6.85 and a fifty-two week high of $19.89. The business’s 50-day moving average is $7.89 and its two-hundred day moving average is $8.22. The company has a market cap of $469.61 million, a price-to-earnings ratio of -2.46 and a beta of -0.08.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.24). Equities analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Institutional Trading of Cullinan Therapeutics

Several institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C grew its position in shares of Cullinan Therapeutics by 3.0% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company’s stock worth $41,161,000 after purchasing an additional 99,399 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Cullinan Therapeutics by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock worth $23,011,000 after purchasing an additional 103,504 shares in the last quarter. Blue Owl Capital Holdings LP grew its position in shares of Cullinan Therapeutics by 17.9% during the fourth quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company’s stock worth $28,878,000 after purchasing an additional 360,000 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after purchasing an additional 8,399 shares in the last quarter. Finally, Orbimed Advisors LLC grew its position in shares of Cullinan Therapeutics by 81.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company’s stock worth $23,660,000 after purchasing an additional 872,500 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

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.