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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received a consensus rating of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have covered the stock in the last year is $32.50.

CGEM has been the subject of a number of analyst reports. HC Wainwright upped their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. UBS Group initiated 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.

Cullinan Therapeutics Trading Down 0.6 %

Shares of CGEM opened at $9.53 on Tuesday. Cullinan Therapeutics has a 12-month low of $9.47 and a 12-month high of $30.19. The firm has a 50-day moving average price of $11.11 and a 200 day moving average price of $14.51. The firm has a market capitalization of $554.93 million, a P/E ratio of -3.36 and a beta of -0.16.

Insiders Place Their Bets

In other news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 4,693 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the sale, the insider now directly owns 99,760 shares in the company, valued at $1,138,261.60. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,582 shares of company stock valued at $246,977 over the last 90 days. 6.07% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently made changes to their positions in the business. Amalgamated Bank lifted 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 worth $30,000 after purchasing an additional 872 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Cullinan Therapeutics by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after purchasing an additional 1,195 shares in the last quarter. Invesco Ltd. lifted its position in shares of Cullinan Therapeutics by 2.4% during the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after purchasing an additional 1,395 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of 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 purchasing an additional 1,525 shares in the last quarter. Finally, Virtus ETF Advisers LLC lifted its position in shares of Cullinan Therapeutics by 37.8% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.