Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $30.75 Average Price Target from Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has earned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $30.75.

CGEM has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Wedbush boosted their target price on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, May 8th. HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a report on Tuesday, May 19th. Finally, Zacks Research cut shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th.

Cullinan Therapeutics Stock Down 6.4%

NASDAQ:CGEM opened at $13.51 on Friday. The stock has a market cap of $830.32 million, a P/E ratio of -4.02 and a beta of -0.01. The firm’s fifty day simple moving average is $14.53 and its 200 day simple moving average is $12.86. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. On average, analysts expect that Cullinan Therapeutics will post -3.06 EPS for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total transaction of $116,960.00. Following the sale, the insider owned 166,844 shares in the company, valued at approximately $2,439,259.28. The trade was a 4.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several large investors have recently modified their holdings of CGEM. Dynamic Technology Lab Private Ltd purchased a new position in shares of Cullinan Therapeutics in the 1st quarter worth about $163,000. Jane Street Group LLC raised its position in shares of Cullinan Therapeutics by 145.9% in the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock worth $260,000 after purchasing an additional 109,413 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Cullinan Therapeutics in the 1st quarter worth about $618,000. Creative Planning raised its position in shares of Cullinan Therapeutics by 222.2% in the 2nd quarter. Creative Planning now owns 41,723 shares of the company’s stock worth $314,000 after purchasing an additional 28,773 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Cullinan Therapeutics by 122.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company’s stock worth $731,000 after purchasing an additional 53,522 shares during the last quarter. 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.