Cullinan Therapeutics (NASDAQ:CGEM) Coverage Initiated at UBS Group

UBS Group initiated coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research note released on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $30.00 price objective on the stock.

Other research analysts have also issued research reports about the company. HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $15.96 on Thursday. Cullinan Therapeutics has a 1 year low of $7.64 and a 1 year high of $30.19. The business’s 50-day moving average is $17.29 and its 200-day moving average is $19.20. The company has a market capitalization of $919.84 million, a price-to-earnings ratio of -5.10 and a beta of -0.13.

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

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now owns 115,942 shares in the company, valued at approximately $2,097,390.78. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in shares of Cullinan Therapeutics by 757.2% in the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after buying an additional 75,236 shares during the last quarter. Marshall Wace LLP boosted its position 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 worth $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. E Fund Management Co. Ltd. bought a new position in Cullinan Therapeutics in the 2nd quarter valued at $1,305,000. Bank of New York Mellon Corp increased its position 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 valued at $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cullinan Therapeutics by 22.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after purchasing an additional 3,134 shares during the period. 86.31% of the stock is owned by institutional investors.

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.