Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 8.7% – Here’s What Happened

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shot up 8.7% during trading on Tuesday . The company traded as high as $15.75 and last traded at $16.0050. 1,072,491 shares traded hands during trading, an increase of 36% from the average session volume of 789,751 shares. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wedbush lifted their price target on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, May 4th. Guggenheim assumed coverage on Cullinan Therapeutics in a report on Monday, February 2nd. They set a “buy” rating and a $30.00 price objective for the company. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Citigroup assumed coverage on Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.75.

Cullinan Therapeutics Price Performance

The firm’s 50-day moving average price is $14.29 and its 200 day moving average price is $12.10. The firm has a market capitalization of $992.55 million, a price-to-earnings ratio of -4.81 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.09. On average, analysts predict that Cullinan Therapeutics, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jacquelyn L. Sumer sold 3,601 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $52,106.47. Following the sale, the insider directly owned 128,089 shares of the company’s stock, valued at $1,853,447.83. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nadim Ahmed sold 13,515 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $195,562.05. Following the completion of the transaction, the chief executive officer directly owned 390,803 shares of the company’s stock, valued at approximately $5,654,919.41. This represents a 3.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 86,076 shares of company stock valued at $1,225,314. 8.60% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after purchasing an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics in the fourth quarter valued at $31,000. CWM LLC lifted its position in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares during the period. Signaturefd LLC lifted its position in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after buying an additional 3,607 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares during 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.