Cullinan Therapeutics (NASDAQ:CGEM) Upgraded at Zacks Research

Zacks Research upgraded shares of Cullinan Therapeutics (NASDAQ:CGEM) from a strong sell rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

Several other analysts also recently commented on the company. Morgan Stanley cut their target price on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research note on Monday, August 18th. BTIG Research reissued a “buy” rating and issued a $32.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. HC Wainwright reissued a “buy” rating and issued a $24.00 target price on shares of Cullinan Therapeutics in a report on Friday, September 12th. Finally, Stifel Nicolaus assumed coverage on Cullinan Therapeutics in a report on Wednesday, June 11th. They issued a “buy” rating and a $22.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Cullinan Therapeutics Stock Down 5.7%

CGEM stock opened at $5.93 on Tuesday. Cullinan Therapeutics has a twelve month low of $5.89 and a twelve month high of $18.62. The firm has a market cap of $350.29 million, a PE ratio of -1.84 and a beta of -0.08. The business has a 50 day moving average of $7.51 and a 200 day moving average of $7.89.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.24). On average, research analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently made changes to their positions in CGEM. Nuveen LLC bought a new stake in shares of Cullinan Therapeutics in the first quarter worth about $1,423,000. Algert Global LLC increased its stake in Cullinan Therapeutics by 411.5% during the first quarter. Algert Global LLC now owns 221,430 shares of the company’s stock worth $1,676,000 after acquiring an additional 178,138 shares during the last quarter. Woodline Partners LP bought a new stake in Cullinan Therapeutics during the fourth quarter worth approximately $2,038,000. Bank of America Corp DE increased its stake in Cullinan Therapeutics by 26.1% during the second quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock worth $4,979,000 after acquiring an additional 136,900 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Cullinan Therapeutics by 145.9% during the first quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock worth $260,000 after acquiring an additional 109,413 shares during the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, 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.