Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $32.00 Average Target Price from Analysts

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average rating of “Buy” from the six research firms that are covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $32.00.

CGEM has been the subject of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research report on Monday.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the sale, the insider now directly owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Trexquant Investment LP acquired a new stake in Cullinan Therapeutics during the 4th quarter valued at $356,000. SG Americas Securities LLC raised its position in shares of Cullinan Therapeutics by 757.2% in the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock valued at $1,485,000 after purchasing an additional 75,236 shares during the period. Parkman Healthcare Partners LLC lifted its stake in shares of Cullinan Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after buying an additional 91,132 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares during the period. Finally, Quest Partners LLC acquired a new position in Cullinan Therapeutics in the 4th quarter valued at about $179,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $17.23 on Friday. The stock has a 50-day simple moving average of $18.02 and a 200 day simple moving average of $19.25. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19. The company has a market cap of $993.03 million, a PE ratio of -5.50 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). On average, research analysts predict that Cullinan Therapeutics will post -3.2 earnings per share for the current fiscal year.

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.