HC Wainwright Reaffirms Buy Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research report issued on Friday,Benzinga reports. They presently have a $33.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 283.28% from the stock’s previous close.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $8.61 on Friday. The firm has a market capitalization of $501.34 million, a price-to-earnings ratio of -3.03 and a beta of -0.16. The company has a 50 day moving average price of $10.59 and a 200 day moving average price of $14.00. Cullinan Therapeutics has a one year low of $8.35 and a one year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.02. As a group, equities analysts forecast that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the transaction, the insider now owns 174,164 shares in the company, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Nadim Ahmed sold 12,529 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 transaction of $106,872.37. Following the sale, the chief executive officer now directly owns 430,621 shares of the company’s stock, valued at approximately $3,673,197.13. This trade represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,006 shares of company stock valued at $395,604. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CGEM. Amalgamated Bank grew its stake in shares of 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 in the last quarter. China Universal Asset Management Co. Ltd. grew its position in Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after acquiring an additional 1,195 shares in the last quarter. Invesco Ltd. raised its stake in shares of Cullinan Therapeutics by 2.4% during the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock valued at $725,000 after purchasing an additional 1,395 shares during the period. Federated Hermes Inc. raised its stake in shares of Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after purchasing an additional 1,525 shares during the period. Finally, Virtus ETF Advisers LLC lifted its position in shares of Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock worth $71,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.