Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Average Recommendation of “Buy” by Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received a consensus recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $32.00.

A number of research firms have issued reports on CGEM. Wedbush restated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, September 16th.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $16.24 on Wednesday. The firm has a 50 day simple moving average of $17.30 and a 200 day simple moving average of $19.24. Cullinan Therapeutics has a fifty-two week low of $7.64 and a fifty-two week high of $30.19. The firm has a market cap of $935.98 million, a P/E ratio of -5.19 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). On average, sell-side analysts expect that Cullinan Therapeutics will post -3.2 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of the business. Parkman Healthcare Partners LLC increased its stake in 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 purchasing an additional 91,132 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cullinan Therapeutics by 81.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock valued at $153,000 after buying an additional 4,042 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cullinan Therapeutics by 22.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after acquiring an additional 3,134 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after acquiring an additional 615 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Cullinan Therapeutics by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock valued at $390,000 after acquiring an additional 820 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.