Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 7.6% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) rose 7.6% during trading on Friday . The company traded as high as $16.39 and last traded at $16.3710. Approximately 414,476 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 721,286 shares. The stock had previously closed at $15.21.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CGEM shares. Citigroup began coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price target on the stock. Guggenheim started coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 price objective for the company. Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. HC Wainwright raised their price target on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Finally, New Street Research set a $26.00 price objective on Cullinan Therapeutics in a research report on Thursday, November 20th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Stock Performance

The company has a market capitalization of $915.74 million, a price-to-earnings ratio of -4.68 and a beta of -0.09. The company has a fifty day simple moving average of $11.72 and a two-hundred day simple moving average of $9.42.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 13,515 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $195,562.05. Following the sale, the chief executive officer directly owned 390,803 shares of the company’s stock, valued at approximately $5,654,919.41. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mary Kay Fenton sold 4,398 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the completion of the sale, the chief financial officer owned 126,380 shares of the company’s stock, valued at approximately $1,721,295.60. The trade was a 3.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 99,912 shares of company stock worth $1,294,801 in the last quarter. 7.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Lynx1 Capital Management LP grew its stake in shares of Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after buying an additional 1,365,248 shares during the period. Blue Owl Capital Holdings LP boosted its holdings in Cullinan Therapeutics by 5.2% in the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after acquiring an additional 125,000 shares during the last quarter. Franklin Resources Inc. grew its position in Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after acquiring an additional 8,399 shares during the period. State Street Corp increased its stake in Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after acquiring an additional 520,024 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after purchasing an additional 1,668,289 shares during the period. 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.