Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up to $17.32

Cullinan Oncology, Inc. (NASDAQ:CGEM) shares gapped up before the market opened on Wednesday . The stock had previously closed at $17.32, but opened at $18.01. Cullinan Oncology shares last traded at $19.26, with a volume of 226,396 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CGEM shares. William Blair started coverage on shares of Cullinan Oncology in a research note on Monday. They issued an “outperform” rating for the company. HC Wainwright dropped their price objective on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Wedbush started coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.00.

Cullinan Oncology Stock Up 12.1 %

The business’s 50 day simple moving average is $17.30 and its 200 day simple moving average is $12.53.

Cullinan Oncology (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.42. As a group, sell-side analysts anticipate that Cullinan Oncology, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Corrine Savill sold 40,000 shares of Cullinan Oncology stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $16.18, for a total transaction of $647,200.00. Following the completion of the transaction, the insider now directly owns 165,990 shares of the company’s stock, valued at approximately $2,685,718.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 98,684 shares of company stock valued at $1,437,624. Company insiders own 8.82% of the company’s stock.

Institutional Investors Weigh In On Cullinan Oncology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGEM. Swiss National Bank lifted its holdings in Cullinan Oncology by 8.1% during the 1st quarter. Swiss National Bank now owns 36,200 shares of the company’s stock valued at $379,000 after buying an additional 2,700 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Cullinan Oncology by 20.5% during the 1st quarter. JPMorgan Chase & Co. now owns 24,172 shares of the company’s stock valued at $253,000 after buying an additional 4,115 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Cullinan Oncology by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 15,398 shares of the company’s stock valued at $161,000 after buying an additional 5,590 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Cullinan Oncology by 4.7% in the 1st quarter. Rhumbline Advisers now owns 32,045 shares of the company’s stock valued at $336,000 after purchasing an additional 1,445 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cullinan Oncology by 2.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 178,150 shares of the company’s stock valued at $1,866,000 after purchasing an additional 3,937 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.