Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up to $17.32

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $17.32, but opened at $18.01. Cullinan Oncology shares last traded at $19.26, with a volume of 226,396 shares changing hands.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of recent research reports. Wedbush initiated coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price objective for the company. HC Wainwright reduced their price target on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, William Blair assumed coverage on shares of Cullinan Oncology in a research report on Monday. They set an “outperform” rating for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.00.

Cullinan Oncology Trading Up 12.1 %

The business’s 50-day moving average price is $17.30 and its 200 day moving average price is $12.53.

Cullinan Oncology (NASDAQ:CGEM) last announced its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.42. As a group, sell-side analysts anticipate that Cullinan Oncology, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Corrine Savill sold 18,684 shares of the company’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $12.14, for a total value of $226,823.76. Following the completion of the transaction, the insider now directly owns 165,990 shares in the company, valued at $2,015,118.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 98,684 shares of company stock worth $1,437,624. Corporate insiders own 8.82% of the company’s stock.

Institutional Trading of Cullinan Oncology

Several hedge funds have recently added to or reduced their stakes in CGEM. China Universal Asset Management Co. Ltd. raised its stake in shares of Cullinan Oncology by 352.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after acquiring an additional 3,859 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Cullinan Oncology during the second quarter valued at about $53,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cullinan Oncology by 1,331.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after acquiring an additional 6,085 shares during the last quarter. Point72 Middle East FZE bought a new position in shares of Cullinan Oncology during the second quarter valued at about $59,000. Finally, Royal Bank of Canada raised its stake in Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after buying an additional 7,492 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.