Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 5.3% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price traded up 5.3% during trading on Friday . The company traded as high as $17.21 and last traded at $17.2750. 82,189 shares were traded during mid-day trading, a decline of 91% from the average session volume of 912,932 shares. The stock had previously closed at $16.41.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CGEM shares. BTIG Research restated a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Wedbush reissued an “outperform” rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Finally, Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Cullinan Therapeutics Trading Up 7.8%

The stock has a 50-day simple moving average of $15.91 and a 200 day simple moving average of $14.08. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -5.26 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $17.82, for a total value of $142,560.00. Following the sale, the insider owned 162,844 shares in the company, valued at $2,901,880.08. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its stake in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after acquiring an additional 1,036 shares during the period. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics during the fourth quarter valued at $31,000. CWM LLC lifted its position in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares during the period. Signaturefd LLC boosted its holdings in Cullinan Therapeutics by 689.7% in the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after purchasing an additional 3,607 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Cullinan Therapeutics by 160.6% in the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after purchasing an additional 2,492 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.