Cullinan Oncology (NASDAQ:CGEM) Price Target Lowered to $29.00 at HC Wainwright

Cullinan Oncology (NASDAQ:CGEM) had its target price dropped by analysts at HC Wainwright from $34.00 to $29.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 64.59% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. William Blair started coverage on Cullinan Oncology in a research note on Monday. They issued an “outperform” rating on the stock. Wedbush started coverage on Cullinan Oncology in a research note on Thursday, February 15th. They set an “outperform” rating and a $30.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $27.00.

Cullinan Oncology Stock Performance

Shares of NASDAQ:CGEM traded up $1.07 during midday trading on Tuesday, reaching $17.62. The company’s stock had a trading volume of 2,259,353 shares, compared to its average volume of 429,460. The firm has a market capitalization of $758.89 million, a price-to-earnings ratio of -4.84 and a beta of 0.33. The firm has a 50 day moving average price of $17.32 and a two-hundred day moving average price of $12.47. Cullinan Oncology has a fifty-two week low of $7.64 and a fifty-two week high of $20.62.

Cullinan Oncology (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.42. As a group, research analysts anticipate that Cullinan Oncology will post -3.55 earnings per share for the current year.

Insider Activity

In other news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $16.18, for a total value of $647,200.00. Following the completion of the transaction, the insider now directly owns 165,990 shares of the company’s stock, valued at $2,685,718.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 98,684 shares of company stock valued at $1,437,624 over the last three months. Corporate insiders own 8.82% of the company’s stock.

Institutional Trading of Cullinan Oncology

A number of large investors have recently bought and sold shares of CGEM. China Universal Asset Management Co. Ltd. increased its position in Cullinan Oncology by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after buying an additional 3,859 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Cullinan Oncology in the second quarter worth $53,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after acquiring an additional 6,085 shares during the period. Point72 Middle East FZE bought a new position in shares of Cullinan Oncology in the second quarter worth $59,000. Finally, Royal Bank of Canada boosted its holdings in shares of Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after acquiring an additional 7,492 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

About Cullinan Oncology

Cullinan Oncology, 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.