Cullinan Therapeutics (NASDAQ:CGEM) Given “Overweight” Rating at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report released on Friday morning,Benzinga reports. The brokerage currently has a $35.00 target price on the stock, down from their prior target price of $38.00.

Separately, HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a research note on Friday, February 28th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $32.86.

Cullinan Therapeutics Stock Performance

CGEM opened at $8.71 on Friday. Cullinan Therapeutics has a fifty-two week low of $7.90 and a fifty-two week high of $30.19. The stock has a market cap of $509.65 million, a price-to-earnings ratio of -3.07 and a beta of -0.12. The firm’s fifty day moving average is $10.20 and its 200 day moving average is $13.71.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.02. On average, equities research analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the sale, the insider now owns 104,453 shares in the company, valued at $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,006 shares of company stock valued at $395,604. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. lifted its stake in shares of Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after purchasing an additional 3,881 shares during the last quarter. Amalgamated Bank raised its holdings in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares during the period. Quest Partners LLC lifted its position in Cullinan Therapeutics by 900.7% in the third quarter. Quest Partners LLC now owns 20,404 shares of the company’s stock worth $342,000 after buying an additional 18,365 shares during the last quarter. Intech Investment Management LLC bought a new stake in Cullinan Therapeutics in the third quarter worth $293,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after buying an additional 53,328 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.