Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up to $17.95

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Monday . The stock had previously closed at $17.95, but opened at $18.38. Cullinan Therapeutics shares last traded at $18.16, with a volume of 9,644 shares.

Analyst Ratings Changes

A number of research firms have commented on CGEM. HC Wainwright reissued a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday. William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Performance

The business’s fifty day simple moving average is $18.02 and its 200 day simple moving average is $19.25. The stock has a market cap of $973.44 million, a price-to-earnings ratio of -5.51 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, analysts forecast that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the transaction, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss National Bank boosted its position in shares of Cullinan Therapeutics by 19.9% during the fourth quarter. Swiss National Bank now owns 46,300 shares of the company’s stock worth $472,000 after buying an additional 7,700 shares during the period. Trexquant Investment LP bought a new position in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $356,000. Quest Partners LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $179,000. Franklin Resources Inc. boosted its stake in Cullinan Therapeutics by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after purchasing an additional 390,505 shares in the last quarter. Finally, NEOS Investment Management LLC bought a new stake in shares of Cullinan Therapeutics in the 4th quarter worth $162,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.