Traders Buy Large Volume of Cullinan Therapeutics Call Options (NASDAQ:CGEM)

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the target of unusually large options trading on Monday. Traders bought 2,185 call options on the stock. This represents an increase of approximately 429% compared to the average daily volume of 413 call options.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CGEM shares. Morgan Stanley lowered their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. New Street Research set a $26.00 price target on shares of Cullinan Therapeutics in a research report on Thursday. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. Wedbush reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, November 20th. Finally, Zacks Research raised Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Insider Buying and Selling

In related news, major shareholder Lynx1 Capital Management Lp acquired 165,667 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was purchased at an average cost of $8.40 per share, for a total transaction of $1,391,602.80. Following the completion of the purchase, the insider directly owned 8,963,500 shares of the company’s stock, valued at $75,293,400. The trade was a 1.88% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders acquired 1,874,057 shares of company stock valued at $13,325,286. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in CGEM. Brooklyn Investment Group bought a new stake in Cullinan Therapeutics in the first quarter valued at about $34,000. Tower Research Capital LLC TRC grew its position in shares of 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 during the period. SG Americas Securities LLC bought a new stake in shares of Cullinan Therapeutics in the 3rd quarter valued at about $62,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $84,000. Finally, Inscription Capital LLC acquired a new stake in shares of Cullinan Therapeutics in the 3rd quarter valued at approximately $67,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM opened at $12.93 on Tuesday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $13.78. The firm has a market capitalization of $763.90 million, a P/E ratio of -3.91 and a beta of -0.08. The company’s 50 day simple moving average is $7.47 and its 200 day simple moving average is $7.69.

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

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.