HC Wainwright Forecasts Strong Price Appreciation for Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics (NASDAQ:CGEM) had its target price upped by equities research analysts at HC Wainwright from $24.00 to $26.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 183.47% from the stock’s previous close.

CGEM has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, October 8th. Zacks Research raised shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. BTIG Research reissued a “buy” rating and issued a $32.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 10th. Finally, Morgan Stanley decreased their price target on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, August 18th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.40.

Cullinan Therapeutics Stock Up 8.5%

NASDAQ:CGEM traded up $0.72 during trading hours on Thursday, reaching $9.17. The company had a trading volume of 251,419 shares, compared to its average volume of 569,166. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $13.78. The business’s 50-day simple moving average is $7.24 and its two-hundred day simple moving average is $7.64. The firm has a market cap of $541.88 million, a price-to-earnings ratio of -2.74 and a beta of -0.07.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. As a group, equities analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, major shareholder Lynx1 Capital Management Lp bought 165,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The stock was bought at an average price of $8.40 per share, for a total transaction of $1,391,602.80. Following the completion of the acquisition, the insider directly owned 8,963,500 shares in the company, valued at $75,293,400. The trade was a 1.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have acquired 1,874,057 shares of company stock valued at $13,325,286. 7.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CGEM. Corton Capital Inc. increased its holdings in Cullinan Therapeutics by 41.0% in the 1st quarter. Corton Capital Inc. now owns 16,842 shares of the company’s stock worth $127,000 after acquiring an additional 4,898 shares in the last quarter. Vanguard Group Inc. increased its stake in Cullinan Therapeutics by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock worth $23,011,000 after acquiring an additional 103,504 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Cullinan Therapeutics by 282.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 77,621 shares of the company’s stock worth $588,000 after buying an additional 57,348 shares during the last quarter. Nuveen LLC purchased a new position in Cullinan Therapeutics during the 1st quarter valued at $1,423,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Cullinan Therapeutics during the first quarter valued at approximately $222,000. 86.31% of the stock is owned by hedge funds and other 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.