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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of “Buy” from the seven analysts that are currently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued a report on the stock in the last year is $31.67.

A number of brokerages have recently issued reports on CGEM. Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. 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, UBS Group initiated coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company.

Cullinan Therapeutics Stock Up 2.8 %

Shares of Cullinan Therapeutics stock opened at $13.45 on Thursday. The stock has a market cap of $783.19 million, a P/E ratio of -4.74 and a beta of -0.12. Cullinan Therapeutics has a 12-month low of $7.64 and a 12-month high of $30.19. The business’s 50 day moving average is $15.57 and its 200-day moving average is $17.89.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, sell-side analysts expect that Cullinan Therapeutics will post -3.12 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This represents a 6.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of the business. Amalgamated Bank raised its stake in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 valued at $155,000 after buying an additional 3,758 shares in the last quarter. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $182,000. Squarepoint Ops LLC acquired a new stake in Cullinan Therapeutics during the second quarter worth approximately $186,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in 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 worth $187,000 after acquiring an additional 4,380 shares during the period. Institutional investors 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.