Cullinan Therapeutics (NASDAQ:CGEM) Given New $44.00 Price Target at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its price target raised by equities researchers at Wedbush from $42.00 to $44.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush‘s price objective indicates a potential upside of 291.81% from the company’s previous close.

Several other brokerages also recently commented on CGEM. BTIG Research raised their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $34.14.

Cullinan Therapeutics Price Performance

CGEM opened at $11.23 on Wednesday. Cullinan Therapeutics has a fifty-two week low of $7.25 and a fifty-two week high of $23.19. The firm has a market capitalization of $722.76 million, a PE ratio of -3.62 and a beta of -0.03. The company’s 50-day moving average is $16.56 and its 200 day moving average is $15.82.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Tuesday, November 10th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.10. As a group, analysts expect that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insider Activity

In other news, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $12.36, for a total value of $49,440.00. Following the completion of the transaction, the insider directly owned 158,649 shares of the company’s stock, valued at $1,960,901.64. This trade represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 42,000 shares of company stock worth $829,800 in the last quarter. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Cullinan Therapeutics during the second quarter valued at about $95,289,000. Blue Owl Capital Holdings LP bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $28,039,000. Fisher Asset Management LLC grew its stake in Cullinan Therapeutics by 2,125.0% during the third quarter. Fisher Asset Management LLC now owns 800,961 shares of the company’s stock valued at $12,295,000 after acquiring an additional 764,963 shares in the last quarter. Boone Capital Management LLC purchased a new position in Cullinan Therapeutics during the second quarter valued at approximately $12,828,000. Finally, Elmind Capital LP purchased a new position in Cullinan Therapeutics during the second quarter valued at approximately $12,564,900. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.