Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 7.6% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price shot up 7.6% during trading on Friday . The company traded as high as $16.39 and last traded at $16.3710. 414,476 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 721,286 shares. The stock had previously closed at $15.21.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Wedbush upped their price objective on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. New Street Research set a $26.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. HC Wainwright boosted their price objective on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $29.33.

Cullinan Therapeutics Trading Up 4.8%

The firm has a 50-day simple moving average of $11.61 and a two-hundred day simple moving average of $9.35. The company has a market capitalization of $941.44 million, a price-to-earnings ratio of -4.82 and a beta of -0.09.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,982 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $67,854.84. Following the sale, the insider owned 164,550 shares in the company, valued at approximately $2,241,171. This represents a 2.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacquelyn L. Sumer sold 3,742 shares of Cullinan Therapeutics 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 $50,966.04. Following the transaction, the insider directly owned 131,690 shares of the company’s stock, valued at approximately $1,793,617.80. This trade represents a 2.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 99,912 shares of company stock valued at $1,294,801 in the last 90 days. 7.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Lynx1 Capital Management LP increased its stake in shares of Cullinan Therapeutics by 31.0% in 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 in the last quarter. Blue Owl Capital Holdings LP boosted its position 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 worth $14,890,000 after purchasing an additional 125,000 shares in the last quarter. Franklin Resources Inc. grew its holdings in Cullinan Therapeutics by 0.4% in the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after purchasing an additional 8,399 shares during the period. State Street Corp increased its position in shares of Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after buying an additional 520,024 shares in the last quarter. Finally, Affinity Asset Advisors LLC raised its stake in shares of Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after buying an additional 1,668,289 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.