Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Average Recommendation of “Buy” by Brokerages

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average recommendation of “Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $32.50.

Several analysts have commented on CGEM shares. HC Wainwright lifted their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. UBS Group started coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the transaction, the insider now owns 104,453 shares of the company’s stock, 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. Insiders sold a total of 20,582 shares of company stock worth $246,977 in the last three months. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Boxer Capital Management LLC acquired a new position in Cullinan Therapeutics during the fourth quarter worth $11,058,000. Foresite Capital Management VI LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter worth $7,729,000. Northern Trust Corp grew its holdings in shares of Cullinan Therapeutics by 6.4% during the fourth quarter. Northern Trust Corp now owns 500,908 shares of the company’s stock worth $6,101,000 after buying an additional 30,023 shares in the last quarter. Lynx1 Capital Management LP grew its holdings in shares of Cullinan Therapeutics by 206.2% during the fourth quarter. Lynx1 Capital Management LP now owns 1,257,795 shares of the company’s stock worth $15,320,000 after buying an additional 846,965 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter worth $77,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Trading Down 0.6 %

Shares of NASDAQ CGEM opened at $9.53 on Tuesday. Cullinan Therapeutics has a 12 month low of $9.47 and a 12 month high of $30.19. The company has a 50 day simple moving average of $11.11 and a two-hundred day simple moving average of $14.51. The stock has a market cap of $554.93 million, a price-to-earnings ratio of -3.36 and a beta of -0.16.

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.