Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up to $17.06

Shares of Cullinan Oncology, Inc. (NASDAQ:CGEM) gapped up before the market opened on Thursday . The stock had previously closed at $17.06, but opened at $17.46. Cullinan Oncology shares last traded at $17.05, with a volume of 7,720 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CGEM. Wedbush began coverage on Cullinan Oncology in a research report on Thursday, February 15th. They set an “outperform” rating and a $30.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $34.00 price target on shares of Cullinan Oncology in a research report on Thursday, March 14th.

Cullinan Oncology Stock Down 4.0 %

The business has a 50-day moving average price of $17.35 and a 200-day moving average price of $12.39. The firm has a market capitalization of $717.91 million, a price-to-earnings ratio of -4.52 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last released its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.96) by $0.42. On average, equities research analysts forecast that Cullinan Oncology, Inc. will post -3.55 earnings per share for the current year.

Insider Activity at Cullinan Oncology

In related news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $16.18, for a total value of $647,200.00. Following the transaction, the insider now directly owns 165,990 shares of the company’s stock, valued at approximately $2,685,718.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 98,684 shares of company stock valued at $1,437,624 in the last ninety days. Company insiders own 8.82% of the company’s stock.

Institutional Investors Weigh In On Cullinan Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. China Universal Asset Management Co. Ltd. grew its position in Cullinan Oncology by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Cullinan Oncology during the 2nd quarter worth about $53,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cullinan Oncology by 1,331.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after purchasing an additional 6,085 shares during the period. Point72 Middle East FZE acquired a new stake in Cullinan Oncology during the 2nd quarter worth about $59,000. Finally, Royal Bank of Canada grew its position in Cullinan Oncology by 499.8% during the 2nd quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after purchasing an additional 7,492 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Oncology

Cullinan Oncology, 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.