Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $31.67 Average Price Target from Brokerages

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been given an average rating of “Buy” by the seven research firms that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have covered the stock in the last year is $31.67.

CGEM has been the subject of several recent analyst reports. UBS Group began coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price for the company. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th.

Cullinan Therapeutics Price Performance

CGEM stock opened at $12.27 on Monday. The firm has a market cap of $714.46 million, a PE ratio of -4.32 and a beta of -0.18. Cullinan Therapeutics has a 12 month low of $9.24 and a 12 month high of $30.19. The firm has a 50 day simple moving average of $14.01 and a 200 day simple moving average of $16.42.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data 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. As a group, sell-side analysts expect that Cullinan Therapeutics will post -3.12 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 4,693 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the transaction, the insider now owns 99,760 shares in the company, valued at approximately $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 16,182 shares of company stock worth $222,349 in the last ninety days. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several large investors have recently added to or reduced their stakes in CGEM. Geode Capital Management LLC raised its holdings in shares of Cullinan Therapeutics by 23.8% during the 3rd 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 in the last quarter. Barclays PLC increased its position in Cullinan Therapeutics by 26.0% during the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after buying an additional 51,300 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Cullinan Therapeutics by 40.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock worth $425,000 after buying an additional 7,343 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Cullinan Therapeutics by 47.1% in the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock worth $1,775,000 after buying an additional 33,927 shares during the last quarter. Finally, Sphera Funds Management LTD. acquired a new stake in shares of Cullinan Therapeutics in the third quarter worth about $3,111,000. 86.31% of the stock is owned by institutional investors.

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.