Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 10.6% After Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares were up 10.6% during trading on Thursday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $12.92 and last traded at $12.83. Approximately 398,111 shares changed hands during trading, a decline of 38% from the average daily volume of 646,369 shares. The stock had previously closed at $11.60.

CGEM has been the topic of a number of other research reports. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research report on Thursday, November 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. Morgan Stanley restated an “overweight” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Wedbush increased their price target on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Finally, BTIG Research raised their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.71.

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 9,922 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $10.01, for a total value of $99,319.22. Following the completion of the sale, the chief executive officer directly owned 420,699 shares of the company’s stock, valued at approximately $4,211,196.99. The trade was a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $12.30, for a total value of $49,200.00. Following the completion of the sale, the insider owned 128,635 shares of the company’s stock, valued at approximately $1,582,210.50. This represents a 3.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 33,420 shares of company stock valued at $356,082 in the last quarter. Company insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently modified their holdings of the stock. Lynx1 Capital Management LP lifted its position in shares of Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the period. Blue Owl Capital Holdings LP raised its holdings 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 purchasing an additional 125,000 shares during the last quarter. Franklin Resources Inc. boosted its position in Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after purchasing an additional 8,399 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cullinan Therapeutics by 3.0% in the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock valued at $9,636,000 after purchasing an additional 37,679 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Cullinan Therapeutics by 26.1% in the second quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after buying an additional 136,900 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Price Performance

The firm has a market cap of $738.50 million, a PE ratio of -3.78 and a beta of -0.09. The business has a 50-day moving average price of $10.71 and a two-hundred day moving average price of $8.55.

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

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.