Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up – Still a Buy?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Thursday . The stock had previously closed at $12.18, but opened at $12.74. Cullinan Therapeutics shares last traded at $12.55, with a volume of 33,930 shares traded.

Analysts Set New Price Targets

CGEM has been the subject of a number of research reports. UBS Group assumed coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective for the company. Wedbush restated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Trading Up 2.3 %

The business has a 50-day moving average of $13.47 and a 200 day moving average of $16.02. The firm has a market capitalization of $738.33 million, a PE ratio of -4.46 and a beta of -0.18.

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

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the transaction, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. This trade represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,582 shares of company stock worth $322,057 in the last quarter. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

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