Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 6.7% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was up 6.7% on Monday. The company traded as high as $13.81 and last traded at $13.80. 406,154 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 906,126 shares. The stock had previously closed at $12.93.

Analysts Set New Price Targets

CGEM has been the topic of several recent research reports. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. BTIG Research reaffirmed a “buy” rating and issued a $40.00 target price on shares of Cullinan Therapeutics in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

Cullinan Therapeutics Trading Up 6.7%

The firm has a market capitalization of $888.17 million, a PE ratio of -4.44 and a beta of -0.05. The business has a 50 day moving average price of $19.04 and a 200-day moving average price of $16.85.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Elmind Capital LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth $12,564,900. BlackRock Inc. purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at about $95,289,000. Engineers Gate Manager LP lifted its stake in shares of Cullinan Therapeutics by 130.9% in the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after purchasing an additional 86,762 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $3,114,000. Finally, Blue Owl Capital Holdings LP acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $28,039,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan’s pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.