Citigroup Begins Coverage on Cullinan Therapeutics (NASDAQ:CGEM)

Stock analysts at Citigroup assumed coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $33.00 price target on the stock. Citigroup’s target price suggests a potential upside of 165.27% from the stock’s previous close.

Several other equities research analysts have also recently commented on CGEM. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research note on Thursday, November 20th. HC Wainwright increased their price target on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Finally, Morgan Stanley restated an “overweight” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.33.

Cullinan Therapeutics Trading Up 2.1%

Shares of CGEM opened at $12.44 on Tuesday. The firm’s fifty day simple moving average is $11.20 and its two-hundred day simple moving average is $9.08. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $13.43. The stock has a market capitalization of $734.96 million, a P/E ratio of -3.76 and a beta of -0.09.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jacquelyn L. Sumer sold 3,480 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $33,651.60. Following the completion of the sale, the insider directly owned 135,432 shares of the company’s stock, valued at $1,309,627.44. The trade was a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $44,791.44. Following the completion of the sale, the insider owned 169,532 shares in the company, valued at $1,639,374.44. This represents a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 33,836 shares of company stock worth $361,087. Corporate insiders own 7.16% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares in the last quarter. CWM LLC grew its holdings in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares in the last quarter. Signaturefd LLC raised its position in Cullinan Therapeutics by 689.7% in the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after buying an additional 3,607 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in 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 acquiring an additional 2,523 shares in the last quarter. Finally, Quarry LP purchased a new position in Cullinan Therapeutics during the 4th quarter worth $99,000. 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.