Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 6.3% – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 6.3% on Monday . The stock traded as high as $15.49 and last traded at $15.34. 453,140 shares changed hands during trading, a decline of 43% from the average session volume of 789,692 shares. The stock had previously closed at $14.43.

Wall Street Analysts Forecast Growth

CGEM has been the topic of a number of research reports. Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. HC Wainwright raised their target price on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Citigroup began coverage on Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price target on the stock. Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Finally, Wedbush raised their price objective on Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 11th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.56.

Cullinan Therapeutics Price Performance

The firm’s fifty day simple moving average is $13.48 and its 200 day simple moving average is $10.66. The company has a market capitalization of $917.88 million, a price-to-earnings ratio of -4.54 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.03. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jeffrey Alan Jones sold 4,582 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total value of $66,301.54. Following the completion of the sale, the insider owned 159,968 shares of the company’s stock, valued at $2,314,736.96. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $59,900.76. Following the transaction, the chief financial officer directly owned 126,380 shares in the company, valued at $1,721,295.60. The trade was a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 82,492 shares of company stock worth $1,162,559. Insiders own 7.16% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its position in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $31,000. CWM LLC raised its stake in shares of Cullinan Therapeutics by 51.5% in 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 in the last quarter. Signaturefd LLC lifted its position in Cullinan Therapeutics by 689.7% in the fourth 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. Finally, SG Americas Securities LLC acquired a new stake in Cullinan Therapeutics during the third quarter worth $62,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.