Cullinan Therapeutics (NASDAQ:CGEM) Given “Buy” Rating at BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a note issued to investors on Friday, Benzinga reports. They currently have a $40.00 price target on the stock. BTIG Research’s price target would suggest a potential upside of 167.24% from the company’s previous close.

Several other research firms have also commented on CGEM. HC Wainwright upped their price objective on Cullinan Therapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, September 25th. Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, September 13th. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. Wedbush upped their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $33.71.

Cullinan Therapeutics Stock Down 2.5%

Shares of Cullinan Therapeutics stock traded down $0.38 on Friday, reaching $14.97. The company’s stock had a trading volume of 351,330 shares, compared to its average volume of 901,800. The company has a market capitalization of $963.34 million, a price-to-earnings ratio of -4.79 and a beta of 0.02. The firm’s fifty day simple moving average is $19.62 and its two-hundred day simple moving average is $16.72. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced 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, research analysts predict that Cullinan Therapeutics will post -3.08 EPS for the current year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total value of $172,560.00. Following the sale, the insider directly owned 158,844 shares of the company’s stock, valued at approximately $3,426,265.08. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 46,000 shares of company stock valued at $922,920 over the last quarter. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. BlackRock Inc. bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $95,289,000. Blue Owl Capital Holdings LP bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $28,039,000. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics during the 4th quarter valued at approximately $12,803,000. Boone Capital Management LLC bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $12,828,000. Finally, Elmind Capital LP bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $12,564,900. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.