Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $32.00 Consensus Target Price from Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been given a consensus rating of “Buy” by the six brokerages that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $32.00.

A number of equities analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM opened at $16.22 on Wednesday. The firm has a market cap of $940.44 million, a P/E ratio of -5.30 and a beta of -0.13. The firm’s 50 day moving average price is $17.35 and its 200 day moving average price is $19.25. Cullinan Therapeutics has a 1 year low of $7.64 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). As a group, equities analysts predict that Cullinan Therapeutics will post -3.2 EPS for the current year.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the transaction, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its stake in Cullinan Therapeutics by 757.2% during the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after acquiring an additional 75,236 shares in the last quarter. Parkman Healthcare Partners LLC boosted its holdings in Cullinan Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock valued at $5,399,000 after acquiring an additional 91,132 shares during the last quarter. Marshall Wace LLP boosted its holdings in Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after acquiring an additional 1,136,993 shares during the last quarter. E Fund Management Co. Ltd. bought a new stake in Cullinan Therapeutics in the second quarter valued at approximately $1,305,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares in the last quarter. Institutional investors and hedge funds 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.