Cullinan Therapeutics’ (CGEM) “Buy” Rating Reiterated at HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $30.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 122.06% from the company’s previous close.

Other analysts also recently issued reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Zacks Research downgraded Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Wedbush raised their price objective on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Finally, Citigroup initiated coverage on Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $13.51 on Monday. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $16.74. The business’s fifty day simple moving average is $14.53 and its 200-day simple moving average is $12.89. The firm has a market cap of $830.32 million, a PE ratio of -4.02 and a beta of -0.01.

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

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the completion of the transaction, the insider directly owned 166,844 shares of the company’s stock, valued at $2,439,259.28. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently bought and sold shares of CGEM. Caitong International Asset Management Co. Ltd grew its position in 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 valued at $28,000 after acquiring an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP acquired a new position in shares of Cullinan Therapeutics during the fourth quarter worth about $31,000. CWM LLC grew its position in shares of 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 buying an additional 1,318 shares in the last quarter. Signaturefd LLC grew its position in shares of 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 buying an additional 3,607 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after buying an additional 2,492 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.