Cullinan Therapeutics (NASDAQ:CGEM) Trading 3.9% Higher – What’s Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shot up 3.9% during trading on Wednesday . The stock traded as high as $10.22 and last traded at $10.31. 419,488 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 661,582 shares. The stock had previously closed at $9.92.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CGEM. Wedbush increased their price target on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. BTIG Research upped their price objective on Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Finally, New Street Research set a $26.00 price objective on Cullinan Therapeutics in a research note on Thursday, November 20th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.29.

Cullinan Therapeutics Price Performance

The company has a fifty day moving average price of $9.72 and a two-hundred day moving average price of $8.21. The company has a market capitalization of $611.48 million, a P/E ratio of -3.13 and a beta of -0.09.

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

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 9,922 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total transaction of $99,319.22. Following the completion of the transaction, the chief executive officer owned 420,699 shares in the company, valued at approximately $4,211,196.99. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Lynx1 Capital Management Lp purchased 626,043 shares of the company’s stock in a transaction dated Thursday, October 9th. The stock was purchased at an average price of $6.70 per share, for a total transaction of $4,194,488.10. Following the transaction, the insider directly owned 8,271,786 shares in the company, valued at approximately $55,420,966.20. This trade represents a 8.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 1,874,057 shares of company stock worth $13,325,286 and sold 29,420 shares worth $306,882. 7.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds have recently bought and sold shares of the company. Lynx1 Capital Management LP boosted its position in Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the last quarter. Caption Management LLC lifted its stake in shares of Cullinan Therapeutics by 107.0% in the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after purchasing an additional 435,062 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Cullinan Therapeutics by 1,665.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock valued at $1,054,000 after purchasing an additional 167,623 shares during the period. Bank of America Corp DE boosted its position in shares of Cullinan Therapeutics by 26.1% during the 2nd quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after purchasing an additional 136,900 shares in the last quarter. Finally, Blue Owl Capital Holdings LP grew its stake in Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after purchasing an additional 125,000 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.