Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 6.7% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares shot up 6.7% on Monday. The company traded as high as $13.81 and last traded at $13.80. Approximately 406,154 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 906,126 shares. The stock had previously closed at $12.93.

Analyst Upgrades and Downgrades

CGEM has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. BTIG Research reissued a “buy” rating and issued a $40.00 target price on shares of Cullinan Therapeutics in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, Wedbush lifted their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average price target of $33.71.

Cullinan Therapeutics Trading Up 6.7%

The stock has a market cap of $888.17 million, a price-to-earnings ratio of -4.44 and a beta of -0.05. The stock’s 50 day moving average is $19.04 and its two-hundred day moving average is $16.85.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total transaction of $172,560.00. Following the transaction, the insider owned 158,844 shares of the company’s stock, valued at $3,426,265.08. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $25,000. GAMMA Investing LLC grew its stake in shares of Cullinan Therapeutics by 38.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock valued at $41,000 after purchasing an additional 738 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Cullinan Therapeutics by 181.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,680 shares of the company’s stock valued at $48,000 after purchasing an additional 3,020 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $53,000. Finally, Quantbot Technologies LP acquired a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $53,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan’s pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.