UBS Group Begins Coverage on Cullinan Therapeutics (NASDAQ:CGEM)

UBS Group began coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report released on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. UBS Group’s price objective indicates a potential upside of 87.97% from the stock’s current price.

Other research analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reissued an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics has an average rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Price Performance

Shares of CGEM opened at $15.96 on Thursday. Cullinan Therapeutics has a 1-year low of $7.64 and a 1-year high of $30.19. The firm has a 50 day simple moving average of $17.29 and a 200-day simple moving average of $19.17. The stock has a market cap of $919.84 million, a price-to-earnings ratio of -5.10 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). On average, equities analysts expect that Cullinan Therapeutics will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the sale, the insider now directly owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its stake in Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after acquiring an additional 615 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Cullinan Therapeutics by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock worth $390,000 after purchasing an additional 820 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Cullinan Therapeutics by 22.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after purchasing an additional 3,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after buying an additional 3,758 shares during the period. Finally, Profund Advisors LLC lifted its position in Cullinan Therapeutics by 26.8% during the second quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock valued at $337,000 after buying an additional 4,089 shares in the last quarter. 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.