Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $29.56 Average Price Target from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $29.5556.

Several research firms have commented on CGEM. HC Wainwright increased their price objective on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Citigroup assumed coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They issued a “buy” rating and a $33.00 target price on the stock. Guggenheim initiated coverage on Cullinan Therapeutics in a report on Monday, February 2nd. They issued a “buy” rating and a $30.00 target price for the company. Wedbush lifted their price target on Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, March 11th. Finally, Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $15.68, for a total transaction of $125,440.00. Following the transaction, the insider owned 170,844 shares of the company’s stock, valued at $2,678,833.92. This represents a 4.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $59,900.76. Following the transaction, the chief financial officer owned 126,380 shares of the company’s stock, valued at $1,721,295.60. The trade was a 3.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 82,492 shares of company stock worth $1,162,559. 6.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP bought a new stake in Cullinan Therapeutics during the 4th quarter valued at $31,000. CWM LLC raised its holdings in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after acquiring an additional 1,318 shares during the period. Signaturefd LLC lifted its position in shares of Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after acquiring an additional 3,607 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Cullinan Therapeutics during the third quarter worth $62,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $14.35 on Friday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $16.74. The firm has a market cap of $868.61 million, a price-to-earnings ratio of -4.28 and a beta of -0.12. The company has a fifty day moving average price of $13.82 and a 200-day moving average price of $11.09.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Tuesday, March 10th. The company reported ($0.77) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.03. On average, research analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current fiscal 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.