Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 7.6% – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price shot up 7.6% during mid-day trading on Friday . The company traded as high as $16.39 and last traded at $16.3710. 414,476 shares were traded during mid-day trading, a decline of 43% from the average session volume of 721,286 shares. The stock had previously closed at $15.21.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CGEM shares. Guggenheim began coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 price objective for the company. New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, November 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, January 8th. Citigroup assumed coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 price objective for the company. Finally, HC Wainwright increased their target price on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Eight research 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. According to data from MarketBeat, Cullinan Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $29.33.

Cullinan Therapeutics Stock Up 4.8%

The firm has a market capitalization of $941.44 million, a PE ratio of -4.82 and a beta of -0.09. The business has a 50-day moving average price of $11.61 and a 200-day moving average price of $9.35.

Insider Buying and Selling at Cullinan Therapeutics

In other news, CFO Mary Kay Fenton sold 4,398 shares of Cullinan Therapeutics stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the sale, the chief financial officer owned 126,380 shares of the company’s stock, valued at approximately $1,721,295.60. The trade was a 3.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacquelyn L. Sumer sold 3,742 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 value of $50,966.04. Following the transaction, the insider owned 131,690 shares of the company’s stock, valued at approximately $1,793,617.80. This represents a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 99,912 shares of company stock worth $1,294,801. Corporate insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd grew its stake 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 buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at $31,000. CWM LLC raised its stake in 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 buying an additional 1,318 shares in the last quarter. Signaturefd LLC lifted its stake in Cullinan Therapeutics by 689.7% during 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 last quarter. Finally, SG Americas Securities LLC acquired a new position in Cullinan Therapeutics in the third quarter valued at $62,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.