Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock Has Consensus Price Target of $33.71

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been given a consensus rating of “Moderate Buy” by the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $33.71.

A number of brokerages have weighed in on CGEM. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, September 13th. BTIG Research reiterated a “buy” rating and set a $40.00 price objective on shares of Cullinan Therapeutics in a research note on Friday, September 25th. Finally, Wedbush raised their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction dated 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 directly owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Cullinan Therapeutics by 38.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock valued at $41,000 after acquiring an additional 738 shares during the last quarter. Engineers Gate Manager LP lifted its stake in Cullinan Therapeutics by 130.9% during the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock worth $2,787,000 after purchasing an additional 86,762 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Cullinan Therapeutics in the second quarter worth $25,000. Squarepoint Ops LLC acquired a new position in Cullinan Therapeutics in the second quarter worth $3,061,000. Finally, Allworth Financial LP increased its stake in Cullinan Therapeutics by 152.4% during the second quarter. Allworth Financial LP now owns 2,893 shares of the company’s stock valued at $53,000 after purchasing an additional 1,747 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Down 1.1%

CGEM opened at $15.46 on Friday. The firm’s 50 day moving average is $19.40 and its 200-day moving average is $16.82. Cullinan Therapeutics has a 52-week low of $6.50 and a 52-week high of $23.19. The firm has a market capitalization of $995.01 million, a P/E ratio of -4.99 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Equities analysts expect that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan’s pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.