Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Rating of “Buy” from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of “Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $32.00.

Several brokerages have recently weighed in on CGEM. Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday, September 16th.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company’s 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 sale, the insider now owns 115,942 shares in the company, valued at $2,097,390.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C boosted its position in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares during the period. Marshall Wace LLP lifted its stake in shares of Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after buying an additional 1,136,993 shares during the last quarter. Perceptive Advisors LLC bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth about $13,079,000. Lynx1 Capital Management LP bought a new position in Cullinan Therapeutics in the 2nd quarter valued at about $6,581,000. Finally, Ensign Peak Advisors Inc acquired a new stake in Cullinan Therapeutics during the second quarter worth approximately $2,595,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM opened at $16.24 on Wednesday. Cullinan Therapeutics has a 52 week low of $7.64 and a 52 week high of $30.19. The stock’s 50 day moving average price is $17.30 and its two-hundred day moving average price is $19.24. The stock has a market capitalization of $935.98 million, a price-to-earnings ratio of -5.19 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its 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). On average, equities research analysts forecast that Cullinan Therapeutics will post -3.2 EPS for the current year.

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.