Cullinan Therapeutics (NASDAQ:CGEM) Hits New 1-Year High – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.75 and last traded at $16.9060, with a volume of 573796 shares traded. The stock had previously closed at $15.03.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CGEM shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. BTIG Research reissued a “buy” rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a report on Tuesday, May 19th. Wedbush restated an “outperform” rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Up 0.8%

The company has a fifty day simple moving average of $14.54 and a 200-day simple moving average of $13.21. The firm has a market cap of $1.10 billion, a P/E ratio of -5.36 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total transaction of $116,960.00. Following the sale, the insider owned 166,844 shares in the company, valued at approximately $2,439,259.28. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in Cullinan Therapeutics in the 4th quarter worth $31,000. CWM LLC increased its stake in Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares in the last quarter. Signaturefd LLC raised its holdings in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after acquiring an additional 3,607 shares during the period. Finally, Royal Bank of Canada raised its holdings in Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after acquiring an additional 2,492 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

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.