Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $26.00 Average PT from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.00.

A number of research analysts recently commented on the company. Morgan Stanley decreased their price objective on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. HC Wainwright reiterated a “buy” rating and issued a $24.00 price objective on shares of Cullinan Therapeutics in a report on Friday, September 12th. BTIG Research reiterated a “buy” rating and issued a $32.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $7.86 on Friday. The stock has a market cap of $464.29 million, a P/E ratio of -2.43 and a beta of -0.12. The stock’s 50 day simple moving average is $6.98 and its 200-day simple moving average is $7.62. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $17.79.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.24). As a group, research analysts expect that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Lynx1 Capital Management Lp purchased 626,043 shares of the firm’s stock in a transaction on Thursday, October 9th. The shares were bought at an average cost of $6.70 per share, for a total transaction of $4,194,488.10. Following the completion of the purchase, the insider directly owned 8,271,786 shares of the company’s stock, valued at approximately $55,420,966.20. This trade represents a 8.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 1,459,641 shares of company stock worth $9,829,099 in the last 90 days. 6.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in shares of Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after acquiring an additional 2,523 shares during the period. Rhumbline Advisers increased its position in shares of Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after acquiring an additional 2,767 shares during the period. Tema Etfs LLC increased its holdings in Cullinan Therapeutics by 9.0% in the second quarter. Tema Etfs LLC now owns 42,692 shares of the company’s stock valued at $321,000 after buying an additional 3,528 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Cullinan Therapeutics by 42.6% in the first quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company’s stock valued at $107,000 after buying an additional 4,216 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in Cullinan Therapeutics in the first quarter valued at $34,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

About Cullinan Therapeutics

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.