Wedbush Forecasts Strong Price Appreciation for Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics (NASDAQ:CGEM) had its target price increased by analysts at Wedbush from $25.00 to $34.00 in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 172.87% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 1st. Morgan Stanley cut their price objective on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. HC Wainwright raised their price objective on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, November 20th. Finally, Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM opened at $12.46 on Tuesday. The stock has a market capitalization of $736.14 million, a P/E ratio of -3.76 and a beta of -0.10. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $13.33. The stock has a fifty day moving average of $8.74 and a 200-day moving average of $8.00.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.18. Equities research analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, major shareholder Lynx1 Capital Management Lp purchased 165,667 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, October 28th. The shares were bought at an average cost of $8.40 per share, with a total value of $1,391,602.80. Following the completion of the transaction, the insider directly owned 8,963,500 shares in the company, valued at $75,293,400. This trade represents a 1.88% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction on Monday, November 24th. 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 owned 138,004 shares of the company’s stock, valued at approximately $1,697,449.20. This represents a 2.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 1,874,057 shares of company stock worth $13,325,286. Company insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of CGEM. Brooklyn Investment Group bought a new position in shares of Cullinan Therapeutics during the 1st quarter valued at about $34,000. SG Americas Securities LLC bought a new stake in Cullinan Therapeutics during the 3rd quarter worth approximately $62,000. Tower Research Capital LLC TRC raised its holdings in Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares during the period. Inscription Capital LLC bought a new position in Cullinan Therapeutics in the third quarter valued at approximately $67,000. Finally, Compass Ion Advisors LLC bought a new position in Cullinan Therapeutics in the third quarter valued at approximately $82,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.