Wedbush Reiterates “Outperform” Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They presently have a $25.00 price objective on the stock. Wedbush’s price objective would suggest a potential upside of 163.99% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. BTIG Research restated a “buy” rating and issued a $32.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 10th. New Street Research set a $26.00 price target on shares of Cullinan Therapeutics in a report on Thursday. HC Wainwright raised their price target on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Research upgraded shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, Morgan Stanley cut their price objective on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating for the company in a research report on Monday, August 18th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $26.14.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM opened at $9.47 on Thursday. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $13.78. The stock has a market capitalization of $559.45 million, a PE ratio of -2.86 and a beta of -0.07. The stock has a 50-day simple moving average of $7.34 and a 200 day simple moving average of $7.66.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.18. As a group, equities research analysts forecast that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, major shareholder Lynx1 Capital Management Lp acquired 165,667 shares of the company’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $8.40 per share, for a total transaction of $1,391,602.80. Following the purchase, the insider owned 8,963,500 shares in the company, valued at $75,293,400. This represents a 1.88% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have acquired 1,874,057 shares of company stock valued at $13,325,286. Insiders own 7.16% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGEM. Lynx1 Capital Management LP raised its position in Cullinan Therapeutics by 31.0% in the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after purchasing an additional 1,365,248 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cullinan Therapeutics by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock valued at $23,011,000 after purchasing an additional 103,504 shares during the period. Blue Owl Capital Holdings LP raised its holdings in shares of Cullinan Therapeutics by 5.2% in the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after buying an additional 125,000 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Cullinan Therapeutics by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after buying an additional 8,399 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Cullinan Therapeutics by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock worth $9,636,000 after buying an additional 37,679 shares during the period. 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.