Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $37.00 at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its target price increased by Wedbush from $36.00 to $37.00 in a report published on Friday morning, Marketbeat.com reports. Wedbush currently has an outperform rating on the stock.

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. BTIG Research reissued a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a report on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Finally, Citigroup began coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target for the company. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.00.

Cullinan Therapeutics Stock Down 1.2%

Shares of CGEM opened at $14.55 on Friday. The stock has a market cap of $894.10 million, a price-to-earnings ratio of -4.33 and a beta of -0.09. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $16.74. The company has a 50-day moving average price of $14.27 and a two-hundred day moving average price of $11.84.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.09. Equities research analysts expect that Cullinan Therapeutics will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jacquelyn L. Sumer sold 3,742 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $50,966.04. Following the completion of the transaction, the insider directly owned 131,690 shares of the company’s stock, valued at approximately $1,793,617.80. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Nadim Ahmed sold 16,381 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $223,109.22. Following the completion of the transaction, the chief executive officer directly owned 404,318 shares of the company’s stock, valued at approximately $5,506,811.16. This represents a 3.89% 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 sold 86,492 shares of company stock valued at $1,230,319. Insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in shares of Cullinan Therapeutics by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company’s stock worth $12,870,000 after acquiring an additional 57,259 shares during the last quarter. AlphaCentric Advisors LLC raised its stake in shares of Cullinan Therapeutics by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company’s stock worth $286,000 after acquiring an additional 1,094 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Cullinan Therapeutics in the first quarter worth about $1,356,000. Leonteq Securities AG bought a new position in shares of Cullinan Therapeutics in the first quarter worth about $142,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Cullinan Therapeutics by 181.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,680 shares of the company’s stock worth $48,000 after acquiring an additional 3,020 shares during the last quarter. 86.31% of the stock is owned by institutional investors.

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.