Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 3.9% – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was up 3.9% during mid-day trading on Wednesday . The stock traded as high as $10.22 and last traded at $10.31. Approximately 419,488 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 661,582 shares. The stock had previously closed at $9.92.

Analyst Ratings Changes

Several brokerages recently weighed in on CGEM. Wedbush upped their price target on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Zacks Research upgraded shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, November 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Monday. Finally, BTIG Research upped their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $28.29.

Cullinan Therapeutics Trading Up 4.2%

The stock’s 50 day moving average is $9.62 and its 200-day moving average is $8.17. The company has a market cap of $610.67 million, a P/E ratio of -3.11 and a beta of -0.10.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.18. As a group, sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, major shareholder Lynx1 Capital Management Lp acquired 626,043 shares of the stock in a transaction that occurred on Thursday, October 9th. The shares were acquired at an average cost of $6.70 per share, with a total value of $4,194,488.10. Following the transaction, the insider owned 8,271,786 shares of the company’s stock, valued at $55,420,966.20. The trade was a 8.19% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeffrey Alan Jones sold 4,632 shares of Cullinan Therapeutics stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $44,791.44. Following the completion of the sale, the insider directly owned 169,532 shares of the company’s stock, valued at approximately $1,639,374.44. The trade was a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders bought 1,874,057 shares of company stock worth $13,325,286 and sold 29,420 shares worth $306,882. 6.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently bought and sold shares of CGEM. Lynx1 Capital Management LP lifted its stake in Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the period. Blue Owl Capital Holdings LP raised its holdings in shares of Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after purchasing an additional 125,000 shares during the last quarter. Franklin Resources Inc. lifted its position in Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after purchasing an additional 8,399 shares during the period. Geode Capital Management LLC boosted its holdings in Cullinan Therapeutics by 3.0% in the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock worth $9,636,000 after purchasing an additional 37,679 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Cullinan Therapeutics by 26.1% in the second quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock worth $4,979,000 after purchasing an additional 136,900 shares during the last quarter. Hedge funds and other institutional investors 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.