Cullinan Therapeutics’ (CGEM) “Buy” Rating Reiterated at BTIG Research

BTIG Research reissued their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research note issued to investors on Monday morning,Benzinga reports. BTIG Research currently has a $40.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Wedbush increased their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $33.71.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $14.89 on Monday. Cullinan Therapeutics has a one year low of $6.73 and a one year high of $23.19. The stock has a market capitalization of $958.32 million, a price-to-earnings ratio of -4.80 and a beta of -0.05. The stock has a 50 day moving average price of $18.76 and a 200 day moving average price of $16.86.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, analysts predict that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Elmind Capital LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $12,564,900. BlackRock Inc. purchased a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $95,289,000. Engineers Gate Manager LP grew its holdings in shares of Cullinan Therapeutics by 130.9% in the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after purchasing an additional 86,762 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $3,114,000. Finally, Blue Owl Capital Holdings LP acquired a new stake in Cullinan Therapeutics during the second quarter worth about $28,039,000. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.