Cullinan Therapeutics (NASDAQ:CGEM) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Cullinan Therapeutics (NASDAQ:CGEM) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

CGEM has been the topic of several other reports. BTIG Research upped their price target 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 boosted their price target on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, January 8th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, HC Wainwright upped their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.71.

Cullinan Therapeutics Stock Performance

CGEM opened at $12.57 on Wednesday. The company has a market cap of $742.64 million, a PE ratio of -3.80 and a beta of -0.09. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $13.33. The firm has a 50 day moving average price of $10.63 and a 200 day moving average price of $8.51.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.18. On average, sell-side analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jacquelyn L. Sumer sold 3,480 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $33,651.60. Following the transaction, the insider directly owned 135,432 shares in the company, valued at approximately $1,309,627.44. The trade was a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Lynx1 Capital Management Lp acquired 165,667 shares of the company’s stock in a transaction dated Tuesday, October 28th. The stock was acquired at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the purchase, the insider owned 8,963,500 shares in the company, valued at approximately $75,293,400. This represents a 1.88% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 29,420 shares of company stock valued at $306,882. 7.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in CGEM. Lynx1 Capital Management LP grew its stake in Cullinan Therapeutics by 31.0% in the third 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 worth $14,890,000 after acquiring an additional 125,000 shares during the period. Franklin Resources Inc. lifted its position in Cullinan Therapeutics by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after acquiring an additional 8,399 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cullinan Therapeutics by 3.0% in the 2nd 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 period. Finally, Bank of America Corp DE boosted its stake in Cullinan Therapeutics by 26.1% in the 2nd 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 period. Institutional investors own 86.31% of the company’s stock.

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.