Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Target Price at $32.00

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $32.00.

CGEM has been the topic of several analyst reports. Wedbush restated an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. BTIG Research restated a “buy” rating and issued a $38.00 target price on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Finally, Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the sale, the insider directly owned 166,844 shares in the company, valued at $2,439,259.28. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently modified their holdings of CGEM. Affinity Asset Advisors LLC increased its position in shares of Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after purchasing an additional 1,668,289 shares during the period. Lynx1 Capital Management LP increased 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 during the period. Boothbay Fund Management LLC acquired a new position in shares of Cullinan Therapeutics during the 4th quarter valued at $12,803,000. State Street Corp increased its position in shares of Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after purchasing an additional 520,024 shares during the period. Finally, Caption Management LLC increased its position in shares of Cullinan Therapeutics by 107.0% during the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after purchasing an additional 435,062 shares during the period. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Price Performance

CGEM opened at $18.40 on Wednesday. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $19.43. The stock has a market cap of $1.13 billion, a P/E ratio of -5.48 and a beta of -0.01. The stock’s 50 day moving average price is $14.75 and its 200 day moving average price is $13.36.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.09. Equities analysts anticipate that Cullinan Therapeutics will post -3.06 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.