Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Thursday . The stock had previously closed at $12.18, but opened at $12.74. Cullinan Therapeutics shares last traded at $12.55, with a volume of 33,930 shares traded.

Analyst Upgrades and Downgrades

CGEM has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush reissued an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, UBS Group started coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and an average price target of $31.67.

Cullinan Therapeutics Trading Up 3.5 %

The firm has a 50-day moving average of $13.60 and a 200-day moving average of $16.09. The stock has a market capitalization of $734.26 million, a price-to-earnings ratio of -4.44 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now owns 107,942 shares in the company, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,582 shares of company stock worth $322,057 over the last 90 days. 6.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C increased its position in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares during the last quarter. State Street Corp lifted its holdings in Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after acquiring an additional 396,034 shares during the last quarter. RTW Investments LP grew its position in Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after acquiring an additional 653,330 shares during the period. Holocene Advisors LP increased its stake in Cullinan Therapeutics by 16.5% during the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares during the period. Institutional investors and hedge funds 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.