Cullinan Therapeutics (NASDAQ:CGEM) Receives “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Friday,Benzinga reports. HC Wainwright currently has a $33.00 price target on the stock.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $8.49 on Friday. The firm has a market cap of $494.36 million, a PE ratio of -2.99 and a beta of -0.16. The firm has a 50 day simple moving average of $10.53 and a 200-day simple moving average of $13.94. Cullinan Therapeutics has a 1-year low of $8.29 and a 1-year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. As a group, sell-side 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 news, CEO Nadim Ahmed sold 8,400 shares of the business’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 sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. The trade was a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $41,754.35. Following the sale, the insider now owns 174,164 shares of the company’s stock, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,006 shares of company stock worth $395,604 in the last 90 days. 6.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank raised its holdings in Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares during the period. Federated Hermes Inc. raised its stake in shares of Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after acquiring an additional 1,525 shares during the period. Virtus ETF Advisers LLC lifted its holdings in shares of Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after acquiring an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Cullinan Therapeutics during the 4th quarter worth $77,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at $83,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.