Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month High – Should You Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $14.02 and last traded at $13.9360, with a volume of 1179712 shares traded. The stock had previously closed at $12.44.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. BTIG Research lifted their target price on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Guggenheim assumed coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 price target for the company. HC Wainwright upped their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Citigroup started coverage on Cullinan Therapeutics in a research note on Tuesday. They set a “buy” rating and a $33.00 target price on the stock. Finally, New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. Eight 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

Cullinan Therapeutics Trading Down 1.7%

The business’s 50 day simple moving average is $11.26 and its two-hundred day simple moving average is $9.16. The firm has a market capitalization of $806.44 million, a PE ratio of -4.12 and a beta of -0.09.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $12.30, for a total transaction of $49,200.00. Following the completion of the sale, the insider owned 128,635 shares of the company’s stock, valued at approximately $1,582,210.50. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $44,791.44. Following the completion of the sale, the insider owned 169,532 shares of the company’s stock, valued at approximately $1,639,374.44. The trade was a 2.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 33,836 shares of company stock valued at $361,087. Company insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. lifted its position in 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 purchasing an additional 167,623 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $84,000. Voss Capital LP lifted its holdings in shares of Cullinan Therapeutics by 43.8% in the 2nd quarter. Voss Capital LP now owns 251,717 shares of the company’s stock valued at $1,895,000 after acquiring an additional 76,717 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Cullinan Therapeutics by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after acquiring an additional 8,399 shares during the last quarter. Finally, Corton Capital Inc. grew its position in Cullinan Therapeutics by 28.9% in the second quarter. Corton Capital Inc. now owns 21,712 shares of the company’s stock worth $163,000 after acquiring an additional 4,870 shares in the last quarter. 86.31% of the stock is owned by 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.