Cullinan Therapeutics (NASDAQ:CGEM) Trading 9.5% Higher – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was up 9.5% during mid-day trading on Wednesday . The stock traded as high as $11.16 and last traded at $11.13. Approximately 152,651 shares changed hands during trading, a decline of 78% from the average daily volume of 679,125 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

Several research analysts have weighed in on CGEM shares. New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, BTIG Research increased their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a report on Monday, November 24th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.29.

Cullinan Therapeutics Stock Performance

The company has a fifty day moving average of $9.84 and a two-hundred day moving average of $8.24. The company has a market cap of $632.92 million, a PE ratio of -3.23 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, topping the consensus estimate of ($0.95) by $0.18. On average, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Activity

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 9,922 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total value of $99,319.22. Following the transaction, the chief executive officer directly owned 420,699 shares in the company, valued at $4,211,196.99. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 2,898 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $28,023.66. Following the transaction, the insider directly owned 133,980 shares in the company, valued at approximately $1,295,586.60. This trade represents a 2.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders bought 1,317,757 shares of company stock valued at $9,731,588 and sold 29,420 shares valued at $306,882. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Lynx1 Capital Management LP boosted its stake in Cullinan Therapeutics by 31.0% in the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares in the last quarter. Blue Owl Capital Holdings LP boosted its position in shares of Cullinan Therapeutics by 5.2% in the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after purchasing an additional 125,000 shares in the last quarter. Franklin Resources Inc. grew its stake in Cullinan Therapeutics by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after buying an additional 8,399 shares during the last quarter. Geode Capital Management LLC increased its position in Cullinan Therapeutics by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock valued at $9,636,000 after buying an additional 37,679 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Cullinan Therapeutics by 26.1% in the second quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after buying an additional 136,900 shares during the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.