Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 5.3% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was up 5.3% on Friday . The stock traded as high as $17.21 and last traded at $17.2750. 82,189 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 912,932 shares. The stock had previously closed at $16.41.

Analyst Ratings Changes

CGEM has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, June 8th. BTIG Research reaffirmed a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wedbush reissued an “outperform” rating and issued a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Up 8.1%

The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -5.28 and a beta of -0.01. The business has a 50 day moving average price of $15.85 and a 200-day moving average price of $14.05.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. Research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $17.82, for a total value of $142,560.00. Following the transaction, the insider owned 162,844 shares in the company, valued at $2,901,880.08. The trade was a 4.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.60% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Large investors have recently modified their holdings of the business. Affinity Asset Advisors LLC grew its stake in Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Lynx1 Capital Management LP raised its position in shares of Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after purchasing an additional 1,365,248 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Cullinan Therapeutics during the 4th quarter valued at approximately $12,803,000. State Street Corp grew its position in shares of Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after buying an additional 520,024 shares in the last quarter. Finally, Caption Management LLC grew its position in shares of Cullinan Therapeutics by 107.0% during the third quarter. Caption Management LLC now owns 28,389 shares of the company’s stock worth $168,000 after buying an additional 435,062 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.