Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) PT at $31.67

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $31.67.

CGEM has been the topic of several recent research reports. UBS Group assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Finally, Wedbush reissued an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th.

Cullinan Therapeutics Trading Down 6.8 %

Shares of CGEM opened at $12.02 on Monday. The firm has a fifty day simple moving average of $13.83 and a two-hundred day simple moving average of $16.28. The firm has a market cap of $699.90 million, a PE ratio of -4.23 and a beta of -0.18. Cullinan Therapeutics has a 1-year low of $9.91 and a 1-year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insider Activity

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, 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 through the SEC website. Also, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction that occurred on 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 approximately $1,307,751.56. The trade was a 3.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,582 shares of company stock worth $322,057 in the last three months. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently bought and sold shares of CGEM. JPMorgan Chase & Co. boosted its holdings in shares of Cullinan Therapeutics by 25.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock valued at $487,000 after purchasing an additional 5,842 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after buying an additional 231,935 shares in the last quarter. Barclays PLC boosted its stake in Cullinan Therapeutics by 26.0% during the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock valued at $4,161,000 after buying an additional 51,300 shares during the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Cullinan Therapeutics by 40.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock valued at $425,000 after buying an additional 7,343 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Cullinan Therapeutics by 47.1% in the 3rd quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock worth $1,775,000 after acquiring an additional 33,927 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.