Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $32.00.

Several research firms have recently weighed in on CGEM. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. BTIG Research reiterated a “buy” rating and issued a $38.00 price target on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Finally, Wedbush reiterated an “outperform” rating and set a $37.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, June 11th.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $17.69 on Friday. The firm has a market cap of $1.09 billion, a P/E ratio of -5.26 and a beta of -0.01. The firm’s 50-day simple moving average is $15.91 and its 200-day simple moving average is $14.08. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $19.43.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.09. On average, equities analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were 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 of the company’s stock, valued at approximately $2,901,880.08. This represents a 4.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently added to or reduced their stakes in CGEM. Bank of America Corp DE grew its stake in Cullinan Therapeutics by 49.2% during the first quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock worth $7,343,000 after buying an additional 170,417 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after buying an additional 2,492 shares in the last quarter. Elmind Capital LP raised its stake in shares of Cullinan Therapeutics by 71.0% in the first quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock valued at $7,531,000 after acquiring an additional 220,000 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Cullinan Therapeutics by 347.7% in the first quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after acquiring an additional 58,488 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 50.6% in the 1st quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock worth $1,027,000 after acquiring an additional 24,281 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

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.