Cullinan Therapeutics (NASDAQ:CGEM) Sets New 1-Year High – Still a Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $16.75 and last traded at $16.9060, with a volume of 573796 shares. The stock had previously closed at $15.03.

Analysts Set New Price Targets

Several research firms recently issued reports on CGEM. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Wedbush reiterated an “outperform” rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. BTIG Research restated a “buy” rating and issued a $38.00 price target on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Performance

The business’s 50 day simple moving average is $14.43 and its 200-day simple moving average is $13.11. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -5.02 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.09. As a group, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total value of $116,960.00. Following the completion of the transaction, the insider owned 166,844 shares in the company, valued at $2,439,259.28. This represents a 4.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of Cullinan Therapeutics by 49.2% during the first quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock valued at $7,343,000 after acquiring an additional 170,417 shares during the period. Royal Bank of Canada increased its position in shares of Cullinan Therapeutics by 160.6% during the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after purchasing an additional 2,492 shares during the period. Elmind Capital LP raised its stake in shares of Cullinan Therapeutics by 71.0% in the 1st quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock worth $7,531,000 after buying an additional 220,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Cullinan Therapeutics by 347.7% in the first quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after buying an additional 58,488 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in Cullinan Therapeutics by 50.6% during the first quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock valued at $1,027,000 after buying an additional 24,281 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.