Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $41.00

Cullinan Therapeutics (NASDAQ:CGEM) had its target price increased by equities researchers at BTIG Research from $40.00 to $41.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research‘s price objective suggests a potential upside of 176.28% from the company’s current price.

A number of other brokerages have also issued reports on CGEM. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Wedbush boosted their target price on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $33.86.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $14.84 on Wednesday. Cullinan Therapeutics has a 52 week low of $6.73 and a 52 week high of $23.19. The stock has a market capitalization of $955.03 million, a price-to-earnings ratio of -4.79 and a beta of -0.05. The stock has a fifty day moving average of $18.28 and a 200-day moving average of $15.70.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, equities analysts forecast that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total value of $172,560.00. Following the sale, the insider directly owned 158,844 shares of the company’s stock, valued at approximately $3,426,265.08. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CGEM. China Universal Asset Management Co. Ltd. lifted its stake in Cullinan Therapeutics by 20.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the company’s stock valued at $179,000 after buying an additional 1,961 shares during the period. Ellsworth Advisors LLC bought a new position in shares of Cullinan Therapeutics during the 3rd quarter worth approximately $1,149,000. GAMMA Investing LLC boosted its holdings in shares of Cullinan Therapeutics by 38.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $41,000 after buying an additional 738 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Cullinan Therapeutics by 130.9% during the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock worth $2,787,000 after buying an additional 86,762 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $25,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.