Cullinan Therapeutics (NASDAQ:CGEM) Sees Strong Trading Volume – What’s Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw unusually-strong trading volume on Thursday . Approximately 1,050,156 shares traded hands during trading, an increase of 109% from the previous session’s volume of 503,451 shares.The stock last traded at $10.21 and had previously closed at $10.30.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CGEM shares. UBS Group started coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. HC Wainwright increased their price target on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics has an average rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Performance

The firm has a market capitalization of $601.87 million, a price-to-earnings ratio of -3.64 and a beta of -0.16. The company has a fifty day moving average of $11.54 and a two-hundred day moving average of $14.99.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. Equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the sale, the insider now directly owns 99,760 shares in the company, valued at approximately $1,138,261.60. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,582 shares of company stock worth $246,977 in the last 90 days. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Braidwell LP raised its holdings in Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares during the last quarter. Patient Square Capital LP acquired a new stake in Cullinan Therapeutics during the 3rd quarter worth about $13,806,000. RTW Investments LP raised its position in shares of Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after acquiring an additional 653,330 shares in the last quarter. State Street Corp raised its position in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after acquiring an additional 396,034 shares in the last quarter. Finally, Walleye Capital LLC raised its position in shares of Cullinan Therapeutics by 253.6% in the 3rd quarter. Walleye Capital LLC now owns 328,417 shares of the company’s stock worth $5,498,000 after acquiring an additional 235,548 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.