Maxim Group set a $18.00 target price on Cellular Biomedicine Group, Inc. (NASDAQ:CBMG) in a report issued on Wednesday morning. The firm currently has a buy rating on the biotechnology company’s stock.

Shares of Cellular Biomedicine Group (NASDAQ CBMG) traded down 0.29% during trading on Wednesday, reaching $8.50. 3,260 shares of the company’s stock traded hands. Cellular Biomedicine Group has a 52-week low of $5.05 and a 52-week high of $15.45. The company’s market cap is $121.47 million. The company’s 50-day moving average is $8.83 and its 200 day moving average is $9.89.

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Cellular Biomedicine Group announced that its Board of Directors has authorized a share buyback program on Thursday, June 1st that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the biotechnology company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other news, CEO Tony Liu bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were bought at an average cost of $6.83 per share, with a total value of $68,300.00. Following the completion of the purchase, the chief executive officer now directly owns 119,825 shares in the company, valued at $818,404.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by insiders.

A hedge fund recently bought a new stake in Cellular Biomedicine Group stock. LMR Partners LLP bought a new stake in Cellular Biomedicine Group, Inc. (NASDAQ:CBMG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 34,504 shares of the biotechnology company’s stock, valued at approximately $302,000. LMR Partners LLP owned 0.24% of Cellular Biomedicine Group as of its most recent SEC filing. Institutional investors own 9.87% of the company’s stock.

About Cellular Biomedicine Group

Cellular Biomedicine Group, Inc (CBMG) is a biomedicine company. The Company is engaged in the development of treatments for cancerous and degenerative diseases utilizing cell-based technologies. The Company operates in Biomedicine Cell Therapy segment. The Company’s technology includes platforms, such as Immune Cell therapy for treatment of broad range of cancers using Vaccine, T Cells Receptor (TCR) clonality analysis technology and T Central Memory Cell (Tcm) preparation methodologies, Chimeric Antigen Receptor T cell (CAR-T), and human adipose-derived mesenchymal progenitor cells (haMPC) for treatment of joint and autoimmune diseases, with primary research and manufacturing facilities in China.

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