Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month High – Time to Buy?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week high during trading on Tuesday . The stock traded as high as $13.43 and last traded at $13.3330, with a volume of 358294 shares. The stock had previously closed at $12.71.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. HC Wainwright increased their target price on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Wedbush lifted their price objective on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research note on Thursday, November 20th. Guggenheim began coverage on Cullinan Therapeutics in a research report on Monday. They set a “buy” rating and a $30.00 price target on the stock. Finally, Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.88.

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $777.14 million, a PE ratio of -3.98 and a beta of -0.09. The company has a 50 day moving average price of $11.03 and a 200-day moving average price of $8.75.

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

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $12.30, for a total transaction of $49,200.00. Following the completion of the transaction, the insider owned 128,635 shares of the company’s stock, valued at $1,582,210.50. This trade represents a 3.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 9,922 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total value of $99,319.22. Following the transaction, the chief executive officer owned 420,699 shares of the company’s stock, valued at $4,211,196.99. The trade was a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 33,420 shares of company stock valued at $356,082. Insiders own 7.16% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in CGEM. CWM LLC raised its holdings in shares of Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares during the last quarter. Signaturefd LLC grew its position in Cullinan Therapeutics by 689.7% in the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after purchasing an additional 3,607 shares during the period. SG Americas Securities LLC purchased a new stake in Cullinan Therapeutics during the 3rd quarter valued at $62,000. Tower Research Capital LLC TRC lifted its holdings in shares of Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after buying an additional 2,523 shares during the period. Finally, Inscription Capital LLC purchased a new position in shares of Cullinan Therapeutics in the 3rd quarter worth $67,000. Hedge funds and other institutional investors 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.