Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up to $22.40

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Wednesday . The stock had previously closed at $22.40, but opened at $23.04. Cullinan Therapeutics shares last traded at $22.44, with a volume of 11,188 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday. BTIG Research boosted their price target on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. Jonestrading boosted their price target on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, Stifel Nicolaus assumed coverage on shares of Cullinan Therapeutics in a research note on Wednesday, May 1st. They set a “buy” rating and a $40.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $32.00.

Cullinan Therapeutics Trading Up 4.6 %

The company has a market capitalization of $1.35 billion, a PE ratio of -7.55 and a beta of -0.06. The stock’s fifty day moving average is $21.71 and its two-hundred day moving average is $16.17.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.42. As a group, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.02 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 58,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $28.07, for a total value of $1,628,060.00. Following the transaction, the insider now directly owns 129,582 shares in the company, valued at $3,637,366.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CGEM. Bank of New York Mellon Corp increased its position in shares of Cullinan Therapeutics by 11.5% in the third quarter. Bank of New York Mellon Corp now owns 97,159 shares of the company’s stock worth $879,000 after purchasing an additional 9,989 shares during the last quarter. Barclays PLC grew its position in Cullinan Therapeutics by 145.6% during the third quarter. Barclays PLC now owns 53,393 shares of the company’s stock valued at $483,000 after acquiring an additional 31,650 shares during the last quarter. Hsbc Holdings PLC bought a new position in Cullinan Therapeutics during the third quarter valued at approximately $203,000. Federated Hermes Inc. bought a new position in Cullinan Therapeutics during the third quarter valued at approximately $181,000. Finally, Algert Global LLC bought a new position in Cullinan Therapeutics during the third quarter valued at approximately $150,000. 86.31% of the stock is currently 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.