HC Wainwright Lowers Cullinan Oncology (NASDAQ:CGEM) Price Target to $29.00

Cullinan Oncology (NASDAQ:CGEM) had its price target lowered by investment analysts at HC Wainwright from $34.00 to $29.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 62.19% from the stock’s previous close.

CGEM has been the topic of several other reports. Wedbush assumed coverage on shares of Cullinan Oncology in a research report on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price on the stock. William Blair initiated coverage on shares of Cullinan Oncology in a research report on Monday. They issued an “outperform” rating on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Oncology currently has a consensus rating of “Buy” and an average target price of $27.75.

Cullinan Oncology Stock Performance

CGEM opened at $17.88 on Tuesday. The company’s 50 day simple moving average is $17.29 and its 200 day simple moving average is $12.57. Cullinan Oncology has a 1 year low of $7.64 and a 1 year high of $20.62. The stock has a market capitalization of $770.02 million, a PE ratio of -4.85 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last released its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.42. As a group, sell-side analysts expect that Cullinan Oncology will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Oncology

In other Cullinan Oncology news, insider Corrine Savill sold 18,684 shares of Cullinan Oncology stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $12.14, for a total transaction of $226,823.76. Following the transaction, the insider now directly owns 165,990 shares of the company’s stock, valued at $2,015,118.60. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 98,684 shares of company stock valued at $1,437,624 over the last ninety days. Corporate insiders own 8.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CGEM. China Universal Asset Management Co. Ltd. lifted its position in shares of Cullinan Oncology by 352.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Cullinan Oncology in the second quarter worth $53,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after buying an additional 6,085 shares during the last quarter. Point72 Middle East FZE bought a new stake in shares of Cullinan Oncology in the second quarter worth $59,000. Finally, Royal Bank of Canada increased its stake in shares of Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after buying an additional 7,492 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Oncology

Cullinan Oncology, 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.