Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up Following Analyst Upgrade

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $28.00 to $33.00. The stock had previously closed at $10.45, but opened at $10.82. HC Wainwright currently has a buy rating on the stock. Cullinan Therapeutics shares last traded at $10.94, with a volume of 36,936 shares traded.

Separately, UBS Group started coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $32.50.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the sale, the insider now owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. This represents a 6.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 28,582 shares of company stock valued at $372,097. Corporate insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CGEM. RTW Investments LP lifted its position in shares of Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after buying an additional 653,330 shares during the last quarter. Braidwell LP boosted its position in Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Cullinan Therapeutics by 43.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company’s stock valued at $374,000 after purchasing an additional 9,385 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cullinan Therapeutics by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after buying an additional 53,328 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

The firm has a market cap of $687.06 million, a P/E ratio of -4.14 and a beta of -0.14. The firm’s fifty day moving average is $11.79 and its 200 day moving average is $15.29.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

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.