Cullinan Therapeutics (NASDAQ:CGEM) Stock Jumps 6.7% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares traded up 6.7% on Monday. The company traded as high as $13.81 and last traded at $13.80. Approximately 406,154 shares changed hands during trading, a decline of 55% from the average daily volume of 906,126 shares. The stock had previously closed at $12.93.

Analyst Ratings Changes

A number of brokerages have commented on CGEM. BTIG Research restated a “buy” rating and issued a $40.00 target price on shares of Cullinan Therapeutics in a research note on Monday. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. Wedbush lifted their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a report on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.71.

Cullinan Therapeutics Price Performance

The firm has a market capitalization of $954.46 million, a P/E ratio of -4.78 and a beta of -0.05. The stock’s fifty day simple moving average is $18.85 and its 200 day simple moving average is $16.86.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares in the company, valued at $3,299,219.44. The trade was a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CGEM. Elmind Capital LP acquired a new stake in Cullinan Therapeutics in the second quarter valued at approximately $12,564,900. BlackRock Inc. purchased a new position in Cullinan Therapeutics in the second quarter worth $95,289,000. Engineers Gate Manager LP grew its holdings in Cullinan Therapeutics by 130.9% in the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock worth $2,787,000 after purchasing an additional 86,762 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Cullinan Therapeutics during the second quarter worth $3,114,000. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Cullinan Therapeutics during the second quarter worth $28,039,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.