Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 10.6% Following Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded up 10.6% during mid-day trading on Thursday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $12.92 and last traded at $12.83. 398,111 shares traded hands during trading, a decline of 38% from the average session volume of 646,369 shares. The stock had previously closed at $11.60.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. HC Wainwright boosted their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. Wedbush increased their target price on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Finally, BTIG Research raised their price target on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Cullinan Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $28.71.

Insider Activity

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 9,922 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total value of $99,319.22. Following the transaction, the chief executive officer directly owned 420,699 shares of the company’s stock, valued at approximately $4,211,196.99. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $12.30, for a total transaction of $49,200.00. Following the sale, the insider directly owned 128,635 shares of the company’s stock, valued at approximately $1,582,210.50. The trade was a 3.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 33,420 shares of company stock valued at $356,082. 7.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Signaturefd LLC lifted its stake in Cullinan Therapeutics by 689.7% during the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after acquiring an additional 3,607 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Cullinan Therapeutics in the third quarter valued at about $62,000. Tower Research Capital LLC TRC lifted its position in shares of Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after purchasing an additional 2,523 shares in the last quarter. Inscription Capital LLC purchased a new position in Cullinan Therapeutics during the third quarter worth about $67,000. Finally, Compass Ion Advisors LLC bought a new stake in Cullinan Therapeutics in the 3rd quarter worth about $82,000. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Down 0.6%

The firm has a market capitalization of $738.50 million, a P/E ratio of -3.78 and a beta of -0.09. The stock’s 50-day simple moving average is $10.71 and its 200-day simple moving average is $8.55.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. On average, equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.04 EPS 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.