Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Expected to Rise, HC Wainwright Analyst Says

Cullinan Therapeutics (NASDAQ:CGEM) had its price target upped by research analysts at HC Wainwright from $24.00 to $26.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 183.47% from the company’s current price.

Several other brokerages also recently weighed in on CGEM. Zacks Research upgraded shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. BTIG Research reissued a “buy” rating and set a $32.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. Morgan Stanley decreased their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research report on Monday, August 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.40.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM traded up $0.72 during trading on Thursday, hitting $9.17. 251,419 shares of the company were exchanged, compared to its average volume of 569,166. The company has a fifty day moving average price of $7.24 and a 200-day moving average price of $7.64. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $13.78. The firm has a market capitalization of $541.88 million, a PE ratio of -2.74 and a beta of -0.07.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.18. Research analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Lynx1 Capital Management Lp bought 626,043 shares of the business’s stock in a transaction dated Thursday, October 9th. The shares were bought at an average cost of $6.70 per share, with a total value of $4,194,488.10. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 1,874,057 shares of company stock valued at $13,325,286 over the last quarter. 7.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Lynx1 Capital Management LP lifted its position in Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after acquiring an additional 1,365,248 shares during the last quarter. Vanguard Group Inc. grew its position in Cullinan Therapeutics by 3.5% in the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock valued at $23,011,000 after acquiring an additional 103,504 shares during the period. Blue Owl Capital Holdings LP grew its stake in Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after buying an additional 125,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Cullinan Therapeutics by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after acquiring an additional 8,399 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Cullinan Therapeutics by 3.0% in the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock worth $9,636,000 after acquiring an additional 37,679 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.