Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $34.00 at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its price objective upped by Wedbush from $25.00 to $34.00 in a report published on Tuesday morning, Marketbeat reports. They currently have an outperform rating on the stock.

Several other research firms have also recently weighed in on CGEM. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Monday, December 1st. New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, November 20th. HC Wainwright lifted their price target on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 20th. Finally, BTIG Research boosted their price target on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, November 24th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $28.29.

Cullinan Therapeutics Trading Down 0.6%

Shares of NASDAQ CGEM opened at $12.36 on Tuesday. The stock has a market capitalization of $730.23 million, a PE ratio of -3.73 and a beta of -0.10. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $13.33. The stock has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $7.97.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.18. On average, equities analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $12.30, for a total transaction of $49,200.00. Following the transaction, the insider owned 138,004 shares of the company’s stock, valued at approximately $1,697,449.20. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Lynx1 Capital Management Lp bought 626,043 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, October 9th. The shares were acquired at an average price of $6.70 per share, for a total transaction of $4,194,488.10. Following the completion of the transaction, the insider directly owned 8,271,786 shares of the company’s stock, valued at $55,420,966.20. This trade represents a 8.19% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 1,874,057 shares of company stock valued at $13,325,286. 6.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in shares of Cullinan Therapeutics during the first quarter valued at approximately $34,000. Tower Research Capital LLC TRC lifted its holdings in Cullinan Therapeutics by 44.6% in 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. SG Americas Securities LLC acquired a new position in Cullinan Therapeutics in the 3rd quarter worth $62,000. Y Intercept Hong Kong Ltd purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at about $84,000. Finally, Inscription Capital LLC acquired a new stake in shares of Cullinan Therapeutics during the third quarter valued at about $67,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.