Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up Following Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $28.00 to $33.00. The stock had previously closed at $10.45, but opened at $10.82. HC Wainwright currently has a buy rating on the stock. Cullinan Therapeutics shares last traded at $10.94, with a volume of 36,936 shares changing hands.

Separately, UBS Group began coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $32.50.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $12.51, for a total value of $50,040.00. Following the transaction, the insider now owns 95,760 shares in the company, valued at approximately $1,197,957.60. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,582 shares of company stock valued at $372,097. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently added to or reduced their stakes in CGEM. Amalgamated Bank lifted its stake in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Cullinan Therapeutics by 10.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after acquiring an additional 1,195 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cullinan Therapeutics by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after acquiring an additional 2,377 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after acquiring an additional 3,881 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Cullinan Therapeutics by 40.7% in the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after purchasing an additional 4,393 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Price Performance

The firm has a market capitalization of $639.37 million, a P/E ratio of -3.87 and a beta of -0.14. The business has a 50 day moving average price of $11.74 and a 200 day moving average price of $15.24.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.09. As a group, equities analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current 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.