Cullinan Therapeutics (NASDAQ:CGEM) Trading 8.5% Higher – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was up 8.5% on Monday . The stock traded as high as $15.90 and last traded at $14.5720. Approximately 259,302 shares were traded during trading, a decline of 66% from the average daily volume of 755,429 shares. The stock had previously closed at $13.43.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CGEM shares. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, January 8th. HC Wainwright upped their target price on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Zacks Research lowered shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Citigroup initiated coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 target price on the stock. Finally, Wedbush increased their price objective on Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 11th. Eight research 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’s stock. According to MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $29.89.

Cullinan Therapeutics Price Performance

The stock has a fifty day moving average price of $14.22 and a two-hundred day moving average price of $11.70. The company has a market cap of $939.88 million, a P/E ratio of -4.61 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.03. Equities analysts predict that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $59,900.76. Following the completion of the sale, the chief financial officer owned 126,380 shares in the company, valued at approximately $1,721,295.60. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jacquelyn L. Sumer sold 3,601 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $52,106.47. Following the completion of the sale, the insider owned 128,089 shares of the company’s stock, valued at approximately $1,853,447.83. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 78,492 shares of company stock worth $1,113,359. Company insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CGEM. Caitong International Asset Management Co. Ltd increased its stake in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after buying an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in Cullinan Therapeutics in the 4th quarter valued at about $31,000. CWM LLC increased its stake in Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after buying an additional 1,318 shares during the last quarter. Signaturefd LLC increased its stake in Cullinan Therapeutics by 689.7% in 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 during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Cullinan Therapeutics in the 3rd quarter valued at about $62,000. 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.