Cullinan Therapeutics (NASDAQ:CGEM) Research Coverage Started at Citigroup

Citigroup assumed coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report sent to investors on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $33.00 price objective on the stock.

CGEM has been the subject of a number of other research reports. HC Wainwright increased their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Monday, December 29th. New Street Research set a $26.00 price objective on Cullinan Therapeutics in a report on Thursday, November 20th. Wedbush raised their target price on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Finally, Zacks Research upgraded shares of Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.33.

Cullinan Therapeutics Trading Up 11.6%

Shares of NASDAQ CGEM opened at $13.88 on Tuesday. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $14.02. The firm has a 50-day moving average of $11.23 and a two-hundred day moving average of $9.12. The company has a market capitalization of $820.03 million, a price-to-earnings ratio of -4.19 and a beta of -0.09.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $12.30, for a total transaction of $49,200.00. Following the completion of the sale, the insider directly owned 128,635 shares in the company, valued at $1,582,210.50. This trade represents a 3.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Alan Jones sold 4,632 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $44,791.44. Following the transaction, the insider directly owned 169,532 shares of the company’s stock, valued at $1,639,374.44. The trade was a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,836 shares of company stock valued at $361,087 in the last quarter. Corporate insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently bought and sold shares of the company. Lynx1 Capital Management LP grew its position in Cullinan Therapeutics by 31.0% in the 3rd 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 in the last quarter. Blue Owl Capital Holdings LP lifted its position in shares of 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 in the last quarter. Franklin Resources Inc. boosted its stake in shares of Cullinan Therapeutics by 0.4% in the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after purchasing an additional 8,399 shares during the period. State Street Corp grew its holdings in shares of Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after purchasing an additional 520,024 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.