Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 52-Week High – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week high on Monday . The stock traded as high as $21.22 and last traded at $20.9860, with a volume of 219959 shares changing hands. The stock had previously closed at $20.34.

Analyst Ratings Changes

Several brokerages have recently commented on CGEM. BTIG Research raised their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Wedbush raised their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.86.

Cullinan Therapeutics Trading Up 1.2%

The firm has a market cap of $1.34 billion, a P/E ratio of -6.72 and a beta of 0.01. The company’s 50-day moving average is $17.35 and its two-hundred day moving average is $15.22.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its stake in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after acquiring an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Cullinan Therapeutics during the fourth quarter valued at about $31,000. CWM LLC boosted 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 purchasing an additional 1,318 shares during the last quarter. Allworth Financial LP purchased a new position in Cullinan Therapeutics during the second quarter worth about $53,000. Finally, Quantbot Technologies LP bought a new stake in Cullinan Therapeutics in the 2nd quarter worth about $53,000. 86.31% of the stock is owned by hedge funds and other 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.