Cullinan Therapeutics (NASDAQ:CGEM) Receives Buy Rating from BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They currently have a $38.00 price target on the stock. BTIG Research’s price target points to a potential upside of 155.55% from the stock’s previous close.

Several other analysts have also commented on CGEM. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Guggenheim began coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Wedbush raised their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Finally, HC Wainwright lifted their price target on Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cullinan Therapeutics Trading Down 5.5%

Shares of NASDAQ:CGEM opened at $14.87 on Tuesday. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $16.74. The business has a 50 day moving average of $14.27 and a two-hundred day moving average of $12.20. The company has a market capitalization of $913.91 million, a PE ratio of -4.43 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. Equities research analysts predict that Cullinan Therapeutics will post -3.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacquelyn L. Sumer sold 3,601 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $52,106.47. Following the sale, the insider owned 128,089 shares in the company, valued at $1,853,447.83. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey Alan Jones sold 4,582 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $66,301.54. Following the completion of the sale, the insider owned 159,968 shares in the company, valued at approximately $2,314,736.96. This trade represents a 2.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 86,076 shares of company stock worth $1,225,314 in the last 90 days. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGEM. Dynamic Technology Lab Private Ltd acquired a new stake in Cullinan Therapeutics in the 1st quarter worth about $163,000. Jane Street Group LLC lifted its position in shares of Cullinan Therapeutics by 145.9% in the first quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock valued at $260,000 after acquiring an additional 109,413 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Cullinan Therapeutics in the first quarter valued at approximately $618,000. Creative Planning boosted its stake in shares of Cullinan Therapeutics by 222.2% in the second quarter. Creative Planning now owns 41,723 shares of the company’s stock worth $314,000 after acquiring an additional 28,773 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Cullinan Therapeutics by 122.9% during the second quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company’s stock worth $731,000 after purchasing an additional 53,522 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other 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.