Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 52-Week High – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $13.43 and last traded at $13.3330, with a volume of 358294 shares changing hands. The stock had previously closed at $12.71.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CGEM. Zacks Research raised Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 21st. BTIG Research raised their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. Finally, Guggenheim began coverage on Cullinan Therapeutics in a research note on Monday. They issued a “buy” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.88.

Cullinan Therapeutics Price Performance

The firm has a 50-day moving average of $11.03 and a 200-day moving average of $8.75. The stock has a market cap of $777.14 million, a PE ratio of -3.98 and a beta of -0.09.

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

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jacquelyn L. Sumer sold 3,480 shares of Cullinan Therapeutics stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total value of $33,651.60. Following the completion of the transaction, the insider directly owned 135,432 shares of the company’s stock, valued at $1,309,627.44. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $44,791.44. Following the sale, the insider owned 169,532 shares in the company, valued at $1,639,374.44. This represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 33,420 shares of company stock valued at $356,082 over the last quarter. 7.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in shares of 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 purchasing an additional 1,318 shares during the last quarter. Rafferty Asset Management LLC lifted its position in Cullinan Therapeutics by 3.8% in the third quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock worth $242,000 after buying an additional 1,503 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cullinan Therapeutics by 29.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,909 shares of the company’s stock worth $103,000 after buying an additional 2,268 shares during the period. Tower Research Capital LLC TRC increased its position in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after acquiring an additional 2,523 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock valued at $558,000 after acquiring an additional 2,767 shares during the last quarter. 86.31% of the stock is currently 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.