Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 8.5% After Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price rose 8.5% during trading on Thursday after HC Wainwright raised their price target on the stock from $24.00 to $26.00. HC Wainwright currently has a buy rating on the stock. Cullinan Therapeutics traded as high as $9.31 and last traded at $9.1650. Approximately 251,419 shares changed hands during trading, a decline of 56% from the average daily volume of 569,166 shares. The stock had previously closed at $8.45.

Other analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, October 8th. Zacks Research raised shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. BTIG Research restated a “buy” rating and set a $32.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Finally, Morgan Stanley decreased their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.40.

Insider Activity

In related news, major shareholder Lynx1 Capital Management Lp acquired 165,667 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average cost of $8.40 per share, for a total transaction of $1,391,602.80. Following the acquisition, the insider owned 8,963,500 shares in the company, valued at approximately $75,293,400. This represents a 1.88% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 1,874,057 shares of company stock worth $13,325,286. 7.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd raised its stake in shares of Cullinan Therapeutics by 289.8% in the 3rd quarter. XTX Topco Ltd now owns 167,979 shares of the company’s stock valued at $996,000 after acquiring an additional 124,884 shares during the period. Qube Research & Technologies Ltd increased its holdings in Cullinan Therapeutics by 127.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 152,409 shares of the company’s stock valued at $904,000 after purchasing an additional 85,290 shares during the last quarter. Prelude Capital Management LLC raised its position in Cullinan Therapeutics by 201.2% in the third quarter. Prelude Capital Management LLC now owns 48,652 shares of the company’s stock valued at $289,000 after purchasing an additional 32,500 shares during the period. Millennium Management LLC lifted its stake in Cullinan Therapeutics by 7.8% during the third quarter. Millennium Management LLC now owns 550,471 shares of the company’s stock worth $3,264,000 after purchasing an additional 39,643 shares in the last quarter. Finally, Brevan Howard Capital Management LP boosted its position in shares of Cullinan Therapeutics by 138.9% during the third quarter. Brevan Howard Capital Management LP now owns 45,936 shares of the company’s stock worth $272,000 after buying an additional 26,709 shares during the period. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Price Performance

The firm has a market capitalization of $536.74 million, a price-to-earnings ratio of -2.72 and a beta of -0.07. The stock has a 50 day moving average price of $7.24 and a two-hundred day moving average price of $7.64.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.18. As a group, research analysts expect that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

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.