HC Wainwright Forecasts Strong Price Appreciation for Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics (NASDAQ:CGEM) had its target price lifted by HC Wainwright from $28.00 to $33.00 in a research report sent to investors on Wednesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

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

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $11.25 on Wednesday. Cullinan Therapeutics has a 52-week low of $9.50 and a 52-week high of $30.19. The company has a market capitalization of $655.09 million, a PE ratio of -3.96 and a beta of -0.14. The company has a fifty day moving average of $11.76 and a 200-day moving average of $15.27.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. On average, equities analysts forecast that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,582 shares of company stock worth $372,097. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new position in shares of Cullinan Therapeutics during the second quarter valued at about $186,000. The Manufacturers Life Insurance Company increased its position in Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after buying an additional 4,393 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Cullinan Therapeutics by 18.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock worth $2,261,000 after buying an additional 20,841 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after acquiring an additional 4,380 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Cullinan Therapeutics by 22.2% in the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after acquiring an additional 3,881 shares during the period. 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.