Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $32.00 Consensus Price Target from Analysts

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $32.00.

CGEM has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Monday, June 8th. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Wedbush reissued an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. BTIG Research restated a “buy” rating and issued a $38.00 price target on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $18.06 on Friday. The stock has a market capitalization of $1.11 billion, a P/E ratio of -5.37 and a beta of -0.01. The business has a 50 day simple moving average of $16.01 and a two-hundred day simple moving average of $14.21. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $19.43.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. As a group, research analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Monday, July 6th. The stock was sold at an average price of $17.82, for a total transaction of $142,560.00. Following the transaction, the insider owned 162,844 shares in the company, valued at $2,901,880.08. The trade was a 4.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its stake in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after purchasing an additional 1,036 shares during the period. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics in the fourth quarter valued at approximately $31,000. CWM LLC grew its position in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares during the period. Royal Bank of Canada increased its stake in Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after acquiring an additional 2,492 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after acquiring an additional 3,607 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.