HC Wainwright Lowers Cullinan Oncology (NASDAQ:CGEM) Price Target to $29.00

Cullinan Oncology (NASDAQ:CGEM) had its price objective decreased by HC Wainwright from $34.00 to $29.00 in a research report released on Tuesday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock. HC Wainwright also issued estimates for Cullinan Oncology’s Q2 2024 earnings at ($0.67) EPS, Q3 2024 earnings at ($0.71) EPS, Q4 2024 earnings at ($0.78) EPS, FY2024 earnings at ($3.06) EPS, FY2025 earnings at ($2.52) EPS and FY2026 earnings at ($2.96) EPS.

A number of other research analysts have also recently weighed in on CGEM. William Blair started coverage on Cullinan Oncology in a report on Monday, April 15th. They issued an outperform rating on the stock. Wedbush started coverage on Cullinan Oncology in a report on Thursday, February 15th. They issued an outperform rating and a $30.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $28.75.

Cullinan Oncology Stock Down 13.3 %

CGEM stock opened at $15.66 on Tuesday. Cullinan Oncology has a 52-week low of $7.64 and a 52-week high of $20.62. The stock’s fifty day simple moving average is $17.23 and its 200-day simple moving average is $12.66. The stock has a market capitalization of $674.48 million, a price-to-earnings ratio of -4.24 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last issued its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.42. As a group, analysts anticipate that Cullinan Oncology will post -3.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Oncology news, insider Corrine Savill sold 40,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $14.09, for a total transaction of $563,600.00. Following the transaction, the insider now owns 165,990 shares in the company, valued at $2,338,799.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 98,684 shares of company stock worth $1,437,624 over the last quarter. 8.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Cullinan Oncology by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 1,771,443 shares of the company’s stock worth $18,051,000 after purchasing an additional 82,910 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Cullinan Oncology by 49.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 128,315 shares of the company’s stock worth $1,308,000 after purchasing an additional 42,204 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Cullinan Oncology by 52.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 22,022 shares of the company’s stock worth $225,000 after purchasing an additional 7,620 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Cullinan Oncology during the fourth quarter worth about $104,000. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Cullinan Oncology during the fourth quarter worth about $34,848,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

About Cullinan Oncology

Cullinan Oncology, 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.