HC Wainwright Lowers Cullinan Oncology (NASDAQ:CGEM) Price Target to $29.00

Cullinan Oncology (NASDAQ:CGEM) had its price objective trimmed by HC Wainwright from $34.00 to $29.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock. HC Wainwright also issued estimates for Cullinan Oncology’s Q2 2024 earnings at ($0.67) EPS, Q3 2024 earnings at ($0.71) EPS, Q4 2024 earnings at ($0.78) EPS, FY2024 earnings at ($3.06) EPS, FY2025 earnings at ($2.52) EPS and FY2026 earnings at ($2.96) EPS.

Several other equities research analysts also recently issued reports on the company. William Blair initiated coverage on Cullinan Oncology in a report on Monday, April 15th. They issued an outperform rating on the stock. Wedbush initiated coverage on Cullinan Oncology in a report on Thursday, February 15th. They issued an outperform rating and a $30.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $28.75.

Cullinan Oncology Stock Down 13.3 %

Shares of Cullinan Oncology stock opened at $15.66 on Tuesday. Cullinan Oncology has a 52 week low of $7.64 and a 52 week high of $20.62. The business’s fifty day simple moving average is $17.23 and its 200-day simple moving average is $12.66. The firm has a market cap of $674.48 million, a PE ratio of -4.24 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.96) by $0.42. As a group, equities analysts expect that Cullinan Oncology will post -3.36 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Oncology news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $14.09, for a total transaction of $563,600.00. Following the sale, the insider now owns 165,990 shares in the company, valued at approximately $2,338,799.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 98,684 shares of company stock worth $1,437,624 in the last quarter. 8.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cullinan Oncology

Several large investors have recently bought and sold shares of CGEM. China Universal Asset Management Co. Ltd. increased its holdings in Cullinan Oncology by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Cullinan Oncology in the 2nd quarter valued at about $53,000. Point72 Middle East FZE acquired a new stake in shares of Cullinan Oncology in the 2nd quarter valued at about $59,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cullinan Oncology by 1,331.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Cullinan Oncology by 499.8% in the 2nd quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock valued at $97,000 after purchasing an additional 7,492 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Oncology

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.