Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $36.00 at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its price target increased by Wedbush from $34.00 to $36.00 in a research report report published on Wednesday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the company. HC Wainwright upped their target price on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Guggenheim assumed coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 price target for the company. Wall Street Zen cut shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Citigroup began coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, New Street Research set a $26.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, November 20th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.56.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $14.31 on Wednesday. Cullinan Therapeutics has a one year low of $5.68 and a one year high of $16.74. The business’s 50-day simple moving average is $12.56 and its 200 day simple moving average is $9.86. The stock has a market cap of $845.38 million, a price-to-earnings ratio of -4.27 and a beta of -0.15.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Tuesday, March 10th. The company reported ($0.77) EPS for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.03. On average, equities research analysts predict that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jeffrey Alan Jones sold 4,982 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $67,854.84. Following the transaction, the insider directly owned 164,550 shares in the company, valued at $2,241,171. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mary Kay Fenton sold 4,398 shares of Cullinan Therapeutics stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $59,900.76. Following the completion of the transaction, the chief financial officer directly owned 126,380 shares of the company’s stock, valued at approximately $1,721,295.60. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 107,912 shares of company stock worth $1,420,241 in the last quarter. Insiders own 7.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Cullinan Therapeutics in the 1st quarter valued at about $163,000. Jane Street Group LLC lifted its holdings in Cullinan Therapeutics by 145.9% in the first quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock worth $260,000 after acquiring an additional 109,413 shares during the last quarter. Acadian Asset Management LLC bought a new position in Cullinan Therapeutics in the first quarter worth about $618,000. Geode Capital Management LLC boosted its stake in Cullinan Therapeutics by 3.0% in the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock valued at $9,636,000 after acquiring an additional 37,679 shares during the period. Finally, Creative Planning boosted its stake in Cullinan Therapeutics by 222.2% in the second quarter. Creative Planning now owns 41,723 shares of the company’s stock valued at $314,000 after acquiring an additional 28,773 shares during the period. 86.31% of the stock is currently owned by 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.