Cullinan Therapeutics (NASDAQ:CGEM) Now Covered by Analysts at Citigroup

Citigroup assumed coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $33.00 target price on the stock.

Several other research analysts have also recently weighed in on CGEM. Zacks Research raised shares of Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 21st. Guggenheim began coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They issued a “buy” rating and a $30.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. Finally, Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $12.44 on Tuesday. The firm has a market cap of $734.96 million, a price-to-earnings ratio of -3.76 and a beta of -0.09. The business has a 50-day simple moving average of $11.20 and a two-hundred day simple moving average of $9.08. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $13.43.

Insider Buying and Selling

In other news, insider Jacquelyn L. Sumer sold 3,480 shares of the firm’s 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 owned 135,432 shares of the company’s stock, valued at $1,309,627.44. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Alan Jones sold 4,632 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $9.67, for a total value of $44,791.44. Following the transaction, the insider directly owned 169,532 shares in the company, valued at approximately $1,639,374.44. The trade was a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,836 shares of company stock valued at $361,087 over the last three months. 7.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares in the last quarter. CWM LLC raised its position in shares of Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares during the period. Signaturefd LLC lifted its stake in shares of Cullinan Therapeutics by 689.7% during the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after buying an additional 3,607 shares in the last quarter. SG Americas Securities LLC bought a new position in Cullinan Therapeutics in the 3rd quarter worth $62,000. Finally, Tower Research Capital LLC TRC increased its stake in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.