Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 5.6% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 5.6% during trading on Friday . The stock traded as high as $11.56 and last traded at $11.56. 77,589 shares were traded during mid-day trading, a decline of 88% from the average session volume of 641,031 shares. The stock had previously closed at $10.95.

Analyst Upgrades and Downgrades

CGEM has been the topic of a number of recent research reports. Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Buy” and an average target price of $31.67.

Cullinan Therapeutics Stock Performance

The firm has a fifty day moving average price of $14.28 and a 200 day moving average price of $16.68. The stock has a market cap of $675.44 million, a PE ratio of -4.08 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the transaction, the insider now directly owns 99,760 shares in the company, valued at $1,138,261.60. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 16,182 shares of company stock valued at $222,349. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after acquiring an additional 231,935 shares during the last quarter. Barclays PLC boosted its holdings in Cullinan Therapeutics by 26.0% in the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock valued at $4,161,000 after purchasing an additional 51,300 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in Cullinan Therapeutics by 40.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock worth $425,000 after purchasing an additional 7,343 shares during the period. Wellington Management Group LLP raised its stake in shares of Cullinan Therapeutics by 47.1% during the 3rd quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock valued at $1,775,000 after buying an additional 33,927 shares during the last quarter. Finally, Sphera Funds Management LTD. acquired a new position in shares of Cullinan Therapeutics in the 3rd quarter valued at about $3,111,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.