Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 9.5% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was up 9.5% on Wednesday . The company traded as high as $11.16 and last traded at $11.13. Approximately 152,651 shares changed hands during trading, a decline of 78% from the average daily volume of 679,125 shares. The stock had previously closed at $10.16.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CGEM shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. BTIG Research upped their price objective on Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, November 24th. Wedbush increased their target price on Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. HC Wainwright boosted their price target on Cullinan Therapeutics from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 20th. Finally, Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.29.

Cullinan Therapeutics Trading Up 5.4%

The business’s 50 day simple moving average is $9.84 and its two-hundred day simple moving average is $8.24. The firm has a market capitalization of $632.92 million, a PE ratio of -3.23 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, topping the consensus estimate of ($0.95) by $0.18. As a group, equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In related news, major shareholder Lynx1 Capital Management Lp purchased 165,667 shares of Cullinan Therapeutics stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $8.40 per share, for a total transaction of $1,391,602.80. Following the completion of the transaction, the insider directly owned 8,963,500 shares in the company, valued at $75,293,400. This represents a 1.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacquelyn L. Sumer sold 3,480 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $33,651.60. Following the sale, the insider owned 135,432 shares in the company, valued at approximately $1,309,627.44. The trade was a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 1,317,757 shares of company stock valued at $9,731,588 and sold 29,420 shares valued at $306,882. 6.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of CGEM. Tudor Investment Corp ET AL raised its position in shares of Cullinan Therapeutics by 30.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 28,988 shares of the company’s stock valued at $172,000 after purchasing an additional 6,850 shares during the period. XTX Topco Ltd increased its stake in Cullinan Therapeutics by 289.8% in the 3rd quarter. XTX Topco Ltd now owns 167,979 shares of the company’s stock worth $996,000 after buying an additional 124,884 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in Cullinan Therapeutics by 127.1% during the third quarter. Qube Research & Technologies Ltd now owns 152,409 shares of the company’s stock valued at $904,000 after acquiring an additional 85,290 shares during the period. Prelude Capital Management LLC raised its holdings in Cullinan Therapeutics by 201.2% during the third quarter. Prelude Capital Management LLC now owns 48,652 shares of the company’s stock valued at $289,000 after acquiring an additional 32,500 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Cullinan Therapeutics by 7.8% in the third quarter. Millennium Management LLC now owns 550,471 shares of the company’s stock valued at $3,264,000 after acquiring an additional 39,643 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.