Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $32.86 Average PT from Analysts

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been given an average rating of “Buy” by the eight ratings firms that are presently covering the firm, MarketBeat.com reports. Eight analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $32.86.

A number of equities research analysts have recently weighed in on CGEM shares. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley reissued an “overweight” rating and set a $35.00 price objective (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th.

Cullinan Therapeutics Price Performance

Shares of CGEM stock opened at $9.08 on Friday. The firm has a fifty day moving average of $9.93 and a two-hundred day moving average of $13.42. Cullinan Therapeutics has a 1-year low of $7.90 and a 1-year high of $30.19. The firm has a market cap of $531.30 million, a P/E ratio of -3.20 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.02. On average, sell-side analysts expect that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the transaction, the insider now directly owns 99,760 shares in the company, valued at $1,138,261.60. This trade represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock valued at $351,922 in the last quarter. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CGEM. Deerfield Management Company L.P. Series C increased its position in shares of Cullinan Therapeutics by 3.0% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company’s stock valued at $41,161,000 after purchasing an additional 99,399 shares during the period. Blue Owl Capital Holdings LP boosted its stake in shares of Cullinan Therapeutics by 17.9% in the 4th quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company’s stock valued at $28,878,000 after purchasing an additional 360,000 shares during the last quarter. State Street Corp raised its position in shares of Cullinan Therapeutics by 20.4% during the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after acquiring an additional 396,034 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Cullinan Therapeutics by 0.4% during the fourth quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock worth $26,792,000 after buying an additional 8,447 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Cullinan Therapeutics by 8.5% during the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock valued at $24,500,000 after purchasing an additional 157,115 shares during the period. 86.31% of the stock is currently 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.