Cullinan Therapeutics (NASDAQ:CGEM) Earns “Overweight” Rating from Morgan Stanley

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a report issued on Friday,Benzinga reports. They presently have a $35.00 price target on the stock, down from their previous price target of $38.00. Morgan Stanley’s target price suggests a potential upside of 288.46% from the stock’s current price.

Separately, HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a research note on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $32.86.

Cullinan Therapeutics Price Performance

Shares of CGEM traded up $0.50 during mid-day trading on Friday, hitting $9.01. The stock had a trading volume of 157,659 shares, compared to its average volume of 454,330. The firm has a market cap of $527.20 million, a P/E ratio of -3.14 and a beta of -0.12. Cullinan Therapeutics has a 52 week low of $7.90 and a 52 week high of $30.19. The business has a fifty day moving average price of $10.20 and a 200-day moving average price of $13.71.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.02. As a group, research analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,895 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the sale, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was 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 represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,006 shares of company stock valued at $395,604 in the last quarter. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Cullinan Therapeutics by 29.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 91,792 shares of the company’s stock worth $1,118,000 after purchasing an additional 20,881 shares during the period. Woodline Partners LP purchased a new stake in shares of Cullinan Therapeutics in the 4th quarter worth approximately $2,038,000. Two Sigma Advisers LP increased its position in Cullinan Therapeutics by 22.3% during the 4th quarter. Two Sigma Advisers LP now owns 21,900 shares of the company’s stock valued at $267,000 after buying an additional 4,000 shares in the last quarter. Two Sigma Investments LP raised its stake in Cullinan Therapeutics by 83.9% during the fourth quarter. Two Sigma Investments LP now owns 42,205 shares of the company’s stock valued at $514,000 after buying an additional 19,261 shares during the last quarter. Finally, Tema Etfs LLC bought a new stake in Cullinan Therapeutics in the fourth quarter worth $346,000. 86.31% of the stock is owned by hedge funds and other 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.