Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 10.6% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price rose 10.6% during mid-day trading on Thursday . The stock traded as high as $12.92 and last traded at $12.83. Approximately 398,111 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 646,369 shares. The stock had previously closed at $11.60.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CGEM. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. New Street Research set a $26.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, November 20th. HC Wainwright increased their target price on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Wedbush lifted their price target on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Finally, BTIG Research increased their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.71.

Cullinan Therapeutics Price Performance

The firm has a market capitalization of $742.59 million, a P/E ratio of -3.80 and a beta of -0.09. The firm has a 50-day moving average price of $10.54 and a two-hundred day moving average price of $8.48.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. Sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $12.30, for a total value of $49,200.00. Following the transaction, the insider owned 138,004 shares of the company’s stock, valued at $1,697,449.20. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacquelyn L. Sumer sold 3,480 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $33,651.60. Following the transaction, the insider owned 135,432 shares in the company, valued at $1,309,627.44. The trade was a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 29,420 shares of company stock valued at $306,882. 7.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in shares of Cullinan Therapeutics by 1,665.9% during the third quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock valued at $1,054,000 after buying an additional 167,623 shares during the period. Rhumbline Advisers lifted its stake in Cullinan Therapeutics by 4.6% in the first quarter. Rhumbline Advisers now owns 71,338 shares of the company’s stock worth $540,000 after acquiring an additional 3,130 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Cullinan Therapeutics in the second quarter worth about $84,000. Voss Capital LP grew its holdings in Cullinan Therapeutics by 43.8% during the 2nd quarter. Voss Capital LP now owns 251,717 shares of the company’s stock worth $1,895,000 after acquiring an additional 76,717 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Cullinan Therapeutics by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after purchasing an additional 8,399 shares during the period. 86.31% of the stock is currently 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.