BTIG Research Forecasts Strong Price Appreciation for Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics (NASDAQ:CGEM) had its target price lifted by research analysts at BTIG Research from $38.00 to $39.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 123.24% from the company’s current price.

Several other brokerages also recently commented on CGEM. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, June 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.14.

Cullinan Therapeutics Trading Up 0.2%

NASDAQ:CGEM opened at $17.47 on Wednesday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $19.43. The stock has a 50-day moving average price of $16.20 and a two-hundred day moving average price of $14.46. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -5.20 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. Sell-side analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $17.82, for a total transaction 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 represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CGEM. Y Intercept Hong Kong Ltd bought a new stake in Cullinan Therapeutics in the first quarter valued at approximately $1,356,000. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $12,803,000. UBS Group AG increased its holdings in shares of Cullinan Therapeutics by 44.4% during the 4th quarter. UBS Group AG now owns 271,736 shares of the company’s stock worth $2,812,000 after acquiring an additional 83,551 shares during the last quarter. Elmind Capital LP increased its holdings in shares of Cullinan Therapeutics by 71.0% during the 1st quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock worth $7,531,000 after acquiring an additional 220,000 shares during the last quarter. Finally, Tema Etfs LLC acquired a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $383,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Company Profile

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.