Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $12.18, but opened at $12.74. Cullinan Therapeutics shares last traded at $12.55, with a volume of 33,930 shares traded.

Analyst Ratings Changes

Several analysts recently commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. UBS Group started coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven equities research 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 price target of $31.67.

Cullinan Therapeutics Price Performance

The firm has a market cap of $738.33 million, a P/E ratio of -4.46 and a beta of -0.18. The company’s 50-day simple moving average is $13.47 and its 200 day simple moving average is $16.02.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.09. Analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the transaction, the insider now directly owns 99,760 shares of the company’s stock, valued at $1,138,261.60. This represents a 4.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,582 shares of company stock valued at $322,057 in the last quarter. 6.07% of the stock is owned by insiders.

Institutional Trading of Cullinan Therapeutics

Large investors have recently bought and sold shares of the stock. RTW Investments LP increased its holdings in shares of Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after purchasing an additional 653,330 shares during the period. Marshall Wace LLP raised its position in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after acquiring an additional 1,136,993 shares in the last quarter. Braidwell LP lifted its holdings in Cullinan Therapeutics by 567.6% in the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after acquiring an additional 1,000,000 shares during the period. E Fund Management Co. Ltd. purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth approximately $1,305,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after buying an additional 53,328 shares in the last quarter. Hedge funds and other institutional investors 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.