Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Recommendation of “Buy” from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has earned a consensus recommendation of “Buy” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $32.86.

Several brokerages have weighed in on CGEM. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a report on Friday, February 28th.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jeffrey Alan Jones sold 4,895 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $41,754.35. Following the sale, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $12.51, for a total value of $50,040.00. Following the sale, the insider now owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,424 shares of company stock valued at $198,667 in the last quarter. 6.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CGEM. Federated Hermes Inc. increased its stake in Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after acquiring an additional 1,525 shares during the last quarter. Virtus ETF Advisers LLC grew its holdings in shares of Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock worth $71,000 after purchasing an additional 1,600 shares during the period. Aquatic Capital Management LLC acquired a new stake in Cullinan Therapeutics during the 4th quarter worth approximately $77,000. KLP Kapitalforvaltning AS purchased a new position in Cullinan Therapeutics in the fourth quarter valued at approximately $83,000. Finally, Tower Research Capital LLC TRC lifted its position in Cullinan Therapeutics by 411.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company’s stock valued at $107,000 after buying an additional 7,079 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $7.50 on Wednesday. The company has a market capitalization of $438.85 million, a P/E ratio of -2.64 and a beta of -0.12. Cullinan Therapeutics has a 1 year low of $7.27 and a 1 year high of $30.19. The company’s fifty day moving average is $9.20 and its two-hundred day moving average is $12.40.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.02. As a group, equities analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

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.