Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Target Price at $31.67

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned a consensus recommendation of “Buy” from the seven research firms that are presently covering the company, Marketbeat reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $31.67.

CGEM has been the subject of several recent analyst reports. UBS Group started coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares in the company, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its stake in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after acquiring an additional 3,758 shares during the period. Arizona State Retirement System purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at $182,000. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $186,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after purchasing an additional 4,380 shares during the period. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $13.45 on Thursday. The company has a fifty day moving average price of $15.57 and a 200-day moving average price of $17.89. The firm has a market cap of $783.19 million, a price-to-earnings ratio of -4.74 and a beta of -0.12. Cullinan Therapeutics has a 1 year low of $7.64 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. On average, research analysts anticipate that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Cullinan Therapeutics Company Profile

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.