Cullinan Therapeutics’ (CGEM) “Buy” Rating Reiterated at BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating restated by BTIG Research in a research note issued to investors on Friday, Benzinga reports. They currently have a $40.00 target price on the stock. BTIG Research’s target price points to a potential upside of 159.07% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, September 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price (up from $30.00) on shares of Cullinan Therapeutics in a research report on Friday. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Finally, Wedbush increased their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $33.71.

Cullinan Therapeutics Trading Down 8.5%

Shares of CGEM opened at $15.44 on Friday. The firm has a fifty day moving average price of $19.83 and a 200-day moving average price of $16.71. The firm has a market capitalization of $993.72 million, a P/E ratio of -4.98 and a beta of 0.02. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Analysts predict that Cullinan Therapeutics will post -3.08 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider directly owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 46,000 shares of company stock worth $922,920 over the last 90 days. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Cullinan Therapeutics in the second quarter valued at approximately $95,289,000. Blue Owl Capital Holdings LP purchased a new stake in shares of Cullinan Therapeutics during the second quarter worth about $28,039,000. Boothbay Fund Management LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter valued at about $12,803,000. Boone Capital Management LLC acquired a new position in shares of Cullinan Therapeutics during the second quarter valued at about $12,828,000. Finally, Elmind Capital LP purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $12,564,900. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.