Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 7.6% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shot up 7.6% during mid-day trading on Wednesday . The stock traded as high as $14.61 and last traded at $14.5860. 318,128 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 873,857 shares. The stock had previously closed at $13.55.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CGEM. Zacks Research downgraded Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Wedbush reissued an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Finally, BTIG Research reissued a “buy” rating and issued a $38.00 target price on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $32.00.

Cullinan Therapeutics Trading Up 9.4%

The firm has a 50-day simple moving average of $14.43 and a two-hundred day simple moving average of $13.03. The company has a market capitalization of $911.02 million, a price-to-earnings ratio of -4.43 and a beta of -0.01.

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

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total transaction of $116,960.00. Following the sale, the insider directly owned 166,844 shares of the company’s stock, valued at approximately $2,439,259.28. This trade represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Owl Capital Holdings LP boosted its stake in shares of Cullinan Therapeutics by 5.2% during the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after acquiring an additional 125,000 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Cullinan Therapeutics during the 3rd quarter worth about $194,000. UBS Group AG boosted its stake in shares of Cullinan Therapeutics by 44.4% during the 4th quarter. UBS Group AG now owns 271,736 shares of the company’s stock worth $2,812,000 after acquiring an additional 83,551 shares in the last quarter. Tema Etfs LLC purchased a new stake in shares of Cullinan Therapeutics during the 4th quarter worth about $383,000. Finally, Quantinno Capital Management LP boosted its stake in shares of Cullinan Therapeutics by 50.6% during the 1st quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock worth $1,027,000 after acquiring an additional 24,281 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.