Wedbush Reaffirms Outperform Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Wedbush restated their outperform rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report published on Wednesday morning, Benzinga reports. The firm currently has a $36.00 price objective on the stock.

CGEM has been the topic of several other research reports. HC Wainwright reissued a buy rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Monday, September 16th. William Blair reissued an outperform rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $32.00.

Cullinan Therapeutics Price Performance

Shares of CGEM opened at $18.15 on Wednesday. The firm’s 50 day moving average is $18.12 and its 200-day moving average is $19.23. The stock has a market capitalization of $1.05 billion, a P/E ratio of -5.80 and a beta of -0.12. Cullinan Therapeutics has a 12-month low of $7.64 and a 12-month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, equities research analysts forecast that Cullinan Therapeutics will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total value of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. grew its stake in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after purchasing an additional 615 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 81.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock valued at $153,000 after acquiring an additional 4,042 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after acquiring an additional 3,758 shares during the last quarter. NEOS Investment Management LLC acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at about $162,000. Finally, Quest Partners LLC acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at about $179,000. 86.31% of the stock is currently owned by 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.