Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 8.7% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shot up 8.7% during mid-day trading on Tuesday . The stock traded as high as $15.75 and last traded at $16.0050. 1,072,491 shares were traded during trading, an increase of 36% from the average session volume of 789,751 shares. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CGEM. HC Wainwright increased their target price on Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Citigroup began coverage on Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Wedbush increased their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $30.75.

Cullinan Therapeutics Trading Up 9.6%

The stock has a market cap of $992.13 million, a price-to-earnings ratio of -4.81 and a beta of -0.09. The stock has a 50-day moving average price of $14.26 and a two-hundred day moving average price of $11.93.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. Research analysts predict that Cullinan Therapeutics, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jacquelyn L. Sumer sold 3,601 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total value of $52,106.47. Following the completion of the sale, the insider owned 128,089 shares of the company’s stock, valued at $1,853,447.83. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the completion of the sale, the insider directly owned 166,844 shares of the company’s stock, valued at $2,439,259.28. The trade was a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 86,492 shares of company stock worth $1,230,319. 7.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in CGEM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cullinan Therapeutics by 1.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock worth $497,000 after acquiring an additional 888 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after acquiring an additional 1,036 shares during the period. AlphaCentric Advisors LLC lifted its position in Cullinan Therapeutics by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company’s stock worth $286,000 after acquiring an additional 1,094 shares during the period. Kennedy Capital Management LLC lifted its position in Cullinan Therapeutics by 2.7% during the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock worth $489,000 after acquiring an additional 1,255 shares during the period. Finally, CWM LLC lifted its holdings in shares of Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after buying an additional 1,318 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.