Cullinan Therapeutics (NASDAQ:CGEM) Receives Buy Rating from HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They presently have a $30.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 47.49% from the stock’s previous close.

CGEM has been the subject of several other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. BTIG Research lifted their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Wedbush increased their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average target price of $32.86.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $20.34 on Monday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $21.00. The firm has a fifty day moving average price of $17.05 and a two-hundred day moving average price of $15.10. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -6.56 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, sell-side analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This represents a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.60% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cullinan Therapeutics by 62.4% during the 4th 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 in the last quarter. Seven Fleet Capital Management LP acquired a new position in shares of Cullinan Therapeutics in the fourth quarter valued at $31,000. CWM LLC lifted its position in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after purchasing an additional 1,318 shares during the period. Allworth Financial LP bought a new position in Cullinan Therapeutics in the second quarter worth $53,000. Finally, Quantbot Technologies LP acquired a new stake in Cullinan Therapeutics during the second quarter worth $53,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.