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

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $32.8571.

Several research analysts recently commented on CGEM shares. Wedbush raised their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Monday. BTIG Research increased their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Finally, Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares in the company, valued at $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Cullinan Therapeutics during the second quarter valued at approximately $95,289,000. Affinity Asset Advisors LLC lifted its stake in Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Blue Owl Capital Holdings LP purchased a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at $28,039,000. Lynx1 Capital Management LP grew its position in shares of Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after purchasing an additional 1,365,248 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics in the fourth quarter worth $12,803,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Up 8.1%

NASDAQ CGEM opened at $22.52 on Thursday. The company has a market cap of $1.45 billion, a PE ratio of -7.26 and a beta of 0.01. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $22.54. The firm’s 50-day simple moving average is $17.56 and its two-hundred day simple moving average is $15.29.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, equities research analysts anticipate that Cullinan Therapeutics will post -3.07 EPS for the current 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.