Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $31.67 Consensus Price Target from Brokerages

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

Several equities research analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush restated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, UBS Group initiated coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company.

Cullinan Therapeutics Trading Up 3.4 %

Shares of Cullinan Therapeutics stock opened at $12.27 on Monday. The firm has a fifty day simple moving average of $14.01 and a 200-day simple moving average of $16.42. The stock has a market capitalization of $714.46 million, a price-to-earnings ratio of -4.32 and a beta of -0.18. Cullinan Therapeutics has a 1-year low of $9.24 and a 1-year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, research analysts predict that Cullinan Therapeutics will post -3.12 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares in the company, valued at approximately $1,138,261.60. This trade represents a 4.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 16,182 shares of company stock valued at $222,349 over the last three months. 6.07% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its stake in Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cullinan Therapeutics by 73.3% during the 2nd 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 acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $182,000. Squarepoint Ops LLC bought a new stake in Cullinan Therapeutics in the second quarter valued at about $186,000. Finally, China Universal Asset Management Co. Ltd. raised its position in Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.