Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $37.00

Cullinan Therapeutics (NASDAQ:CGEM) had its price objective lifted by Wedbush from $36.00 to $37.00 in a research note issued to investors on Friday morning, Marketbeat.com reports. They currently have an outperform rating on the stock.

Several other research firms also recently weighed in on CGEM. BTIG Research reaffirmed a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a research note on Monday, May 4th. Citigroup started coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target for the company. Guggenheim started coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They set a “buy” rating and a $30.00 price target for the company. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Finally, HC Wainwright lifted their price target on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $14.55 on Friday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $16.74. The business has a 50 day simple moving average of $14.27 and a two-hundred day simple moving average of $11.84. The firm has a market capitalization of $894.24 million, a PE ratio of -4.33 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.09. Equities research analysts expect that Cullinan Therapeutics will post -3.03 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mary Kay Fenton sold 4,398 shares of Cullinan Therapeutics 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffrey Alan Jones sold 4,582 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total value of $66,301.54. Following the sale, the insider owned 159,968 shares of the company’s stock, valued at approximately $2,314,736.96. This represents a 2.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 86,492 shares of company stock valued at $1,230,319. Insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lynx1 Capital Management LP boosted its position in 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 acquiring an additional 1,365,248 shares in the last quarter. Blue Owl Capital Holdings LP boosted its position in Cullinan Therapeutics by 5.2% during the 3rd 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 in the last quarter. State Street Corp boosted its position in Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after acquiring an additional 520,024 shares in the last quarter. Affinity Asset Advisors LLC boosted its position in Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after acquiring an additional 1,668,289 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Cullinan Therapeutics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company’s stock valued at $13,481,000 after acquiring an additional 6,942 shares in the last quarter. Institutional investors 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.