Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 6.3% – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price traded up 6.3% during mid-day trading on Monday . The company traded as high as $15.49 and last traded at $15.34. 453,140 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 789,692 shares. The stock had previously closed at $14.43.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Wedbush raised their target price on shares of Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, March 11th. Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. HC Wainwright raised their price target on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Finally, Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.56.

Cullinan Therapeutics Price Performance

The stock has a fifty day moving average price of $13.48 and a two-hundred day moving average price of $10.66. The company has a market cap of $917.88 million, a P/E ratio of -4.54 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.03. As a group, analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 11,742 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $14.08, for a total value of $165,327.36. Following the completion of the sale, the insider directly owned 181,977 shares of the company’s stock, valued at approximately $2,562,236.16. This represents a 6.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffrey Alan Jones sold 4,982 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $67,854.84. Following the completion of the transaction, the insider owned 164,550 shares of the company’s stock, valued at $2,241,171. This trade represents a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 82,492 shares of company stock worth $1,162,559 over the last ninety days. Insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CGEM. Lynx1 Capital Management LP increased its position in shares of Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after purchasing an additional 1,365,248 shares during the period. Blue Owl Capital Holdings LP boosted its stake in Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after buying an additional 125,000 shares in the last quarter. State Street Corp grew its holdings in Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after acquiring an additional 520,024 shares during the period. Affinity Asset Advisors LLC grew its holdings in Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after acquiring an additional 1,668,289 shares during the period. Finally, Geode Capital Management LLC raised its position in Cullinan Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company’s stock worth $13,481,000 after acquiring an additional 6,942 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.