Cullinan Therapeutics (NASDAQ:CGEM) Hits New 1-Year High – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week high on Monday . The company traded as high as $16.75 and last traded at $16.9060, with a volume of 573796 shares changing hands. The stock had previously closed at $15.03.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Wedbush reiterated an “outperform” rating and issued a $37.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Finally, BTIG Research reissued a “buy” rating and issued a $38.00 price target on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Up 12.6%

The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -5.02 and a beta of -0.01. The company has a 50-day moving average price of $14.43 and a 200 day moving average price of $13.11.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.09. Equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the transaction, the insider owned 166,844 shares in the company, valued at $2,439,259.28. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised 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 buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in shares of Cullinan Therapeutics in the fourth quarter worth $31,000. CWM LLC increased its position in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares during the period. Royal Bank of Canada increased its position in Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after acquiring an additional 2,492 shares during the period. Finally, Signaturefd LLC raised its stake in 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 purchasing an additional 3,607 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.