Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $26.00

Cullinan Therapeutics (NASDAQ:CGEM) had its target price raised by HC Wainwright from $24.00 to $26.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also weighed in on CGEM. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Morgan Stanley decreased their price target on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research note on Monday, August 18th. BTIG Research reissued a “buy” rating and set a $32.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.14.

Cullinan Therapeutics Price Performance

Shares of CGEM stock opened at $9.47 on Thursday. The company has a market capitalization of $559.49 million, a PE ratio of -2.86 and a beta of -0.07. The firm’s 50-day moving average is $7.34 and its two-hundred day moving average is $7.65. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $13.78.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. Sell-side analysts forecast that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp bought 165,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the purchase, the insider owned 8,963,500 shares in the company, valued at approximately $75,293,400. The trade was a 1.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders acquired 1,874,057 shares of company stock valued at $13,325,286. 7.16% of the stock is currently owned by insiders.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group purchased a new position in shares of Cullinan Therapeutics in the first quarter valued at approximately $34,000. SG Americas Securities LLC purchased a new stake in Cullinan Therapeutics during the 3rd quarter worth approximately $62,000. Tower Research Capital LLC TRC lifted its holdings in Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares in the last quarter. Inscription Capital LLC purchased a new position in Cullinan Therapeutics in the 3rd quarter valued at approximately $67,000. Finally, Compass Ion Advisors LLC acquired a new position in shares of Cullinan Therapeutics in the third quarter worth $82,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.