Cullinan Therapeutics (NASDAQ:CGEM) Trading 5.3% Higher – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price rose 5.3% on Friday . The stock traded as high as $17.21 and last traded at $17.2750. Approximately 82,189 shares were traded during trading, a decline of 91% from the average daily volume of 912,932 shares. The stock had previously closed at $16.41.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. BTIG Research reissued a “buy” rating and set a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Wedbush reissued an “outperform” rating and set a $37.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Cullinan Therapeutics Price Performance

The firm has a market cap of $1.09 billion, a PE ratio of -5.28 and a beta of -0.01. The stock has a 50-day moving average price of $15.85 and a 200 day moving average price of $14.05.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. As a group, equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $17.82, for a total value of $142,560.00. Following the sale, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $2,901,880.08. This trade represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CGEM. Bank of America Corp DE boosted its holdings in shares of Cullinan Therapeutics by 49.2% in the 1st quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock valued at $7,343,000 after purchasing an additional 170,417 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Cullinan Therapeutics by 160.6% during the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after buying an additional 2,492 shares during the last quarter. Elmind Capital LP raised its position in shares of Cullinan Therapeutics by 71.0% in the 1st quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock worth $7,531,000 after buying an additional 220,000 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Cullinan Therapeutics by 347.7% in the first quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after acquiring an additional 58,488 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in Cullinan Therapeutics by 50.6% during the first quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock valued at $1,027,000 after acquiring an additional 24,281 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.