Cullinan Therapeutics (NASDAQ:CGEM) Receives “Buy” Rating from BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a report issued on Monday,Benzinga reports. They currently have a $38.00 target price on the stock. BTIG Research’s price objective suggests a potential upside of 182.95% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. Guggenheim began coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Citigroup began coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Finally, Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.89.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $13.43 on Monday. The firm has a 50-day moving average of $14.22 and a two-hundred day moving average of $11.70. The stock has a market cap of $825.27 million, a P/E ratio of -4.01 and a beta of -0.09. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Tuesday, March 10th. The company reported ($0.77) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.03. As a group, equities analysts expect that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,582 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $66,301.54. Following the sale, the insider owned 159,968 shares in the company, valued at approximately $2,314,736.96. This trade represents a 2.78% 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 this link. Also, CFO Mary Kay Fenton sold 4,398 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the completion of the sale, the chief financial officer owned 126,380 shares in the company, valued at $1,721,295.60. The trade was a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 78,492 shares of company stock valued at $1,113,359 in the last ninety days. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cullinan Therapeutics by 1.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock valued at $497,000 after purchasing an additional 888 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares during the period. Kennedy Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock valued at $489,000 after purchasing an additional 1,255 shares during the period. CWM LLC increased its stake in shares of Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares during the period. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Cullinan Therapeutics by 3.8% in the third quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock valued at $242,000 after acquiring an additional 1,503 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.