Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 7.6% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was up 7.6% during mid-day trading on Wednesday . The company traded as high as $14.61 and last traded at $14.5860. Approximately 318,128 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 873,857 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

A number of equities analysts recently commented on CGEM shares. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. BTIG Research reissued a “buy” rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Citigroup started coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Up 9.4%

The business has a 50-day moving average price of $14.43 and a 200-day moving average price of $13.03. The firm has a market capitalization of $911.02 million, a price-to-earnings ratio of -4.43 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total transaction of $116,960.00. Following the transaction, the insider directly owned 166,844 shares of the company’s stock, valued at approximately $2,439,259.28. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE increased its position in shares of Cullinan Therapeutics by 49.2% during the first quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock worth $7,343,000 after purchasing an additional 170,417 shares in the last quarter. Royal Bank of Canada increased its position in shares of 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 purchasing an additional 2,492 shares in the last quarter. Elmind Capital LP increased its position in shares of Cullinan Therapeutics by 71.0% during the first quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock worth $7,531,000 after purchasing an additional 220,000 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Cullinan Therapeutics by 347.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after acquiring an additional 58,488 shares during the period. Finally, Quantinno Capital Management LP increased its position in shares of Cullinan Therapeutics by 50.6% in the 1st quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock valued at $1,027,000 after acquiring an additional 24,281 shares during the period. 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.