Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Rating of “Buy” from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received a consensus rating of “Buy” from the seven ratings firms that are covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $31.67.

Several brokerages recently commented on CGEM. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction 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 in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,582 shares of company stock worth $372,097. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Amalgamated Bank grew its position in shares of Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Cullinan Therapeutics during the 4th quarter worth $136,000. Arizona State Retirement System acquired a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $182,000. Squarepoint Ops LLC acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $186,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after purchasing an additional 4,380 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $10.56 on Friday. The firm has a fifty day moving average price of $11.97 and a two-hundred day moving average price of $15.43. Cullinan Therapeutics has a fifty-two week low of $9.50 and a fifty-two week high of $30.19. The company has a market cap of $614.91 million, a PE ratio of -3.72 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. Analysts expect that Cullinan Therapeutics will post -3.12 earnings per share for the current fiscal year.

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.