Cullinan Oncology (NASDAQ:CGEM) Trading 7.8% Higher

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s stock price shot up 7.8% on Wednesday . The stock traded as high as $18.24 and last traded at $17.97. 153,899 shares were traded during trading, a decline of 68% from the average session volume of 477,343 shares. The stock had previously closed at $16.67.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CGEM shares. William Blair started coverage on Cullinan Oncology in a research note on Monday, April 15th. They set an “outperform” rating on the stock. HC Wainwright cut their price objective on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Jonestrading lifted their target price on Cullinan Oncology from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. BTIG Research raised their target price on shares of Cullinan Oncology from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Wedbush began coverage on Cullinan Oncology in a research report on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price objective for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $28.75.

Cullinan Oncology Price Performance

The business’s 50 day simple moving average is $17.14 and its 200 day simple moving average is $12.82. The company has a market capitalization of $813.59 million, a price-to-earnings ratio of -4.82 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.42. As a group, analysts expect that Cullinan Oncology, Inc. will post -3.21 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $14.09, for a total transaction of $563,600.00. Following the completion of the transaction, the insider now owns 165,990 shares of the company’s stock, valued at $2,338,799.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.82% of the company’s stock.

Hedge Funds Weigh In On Cullinan Oncology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Parkman Healthcare Partners LLC boosted its position in shares of Cullinan Oncology by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after buying an additional 91,132 shares during the period. Affinity Asset Advisors LLC acquired a new stake in Cullinan Oncology in the fourth quarter valued at approximately $3,057,000. NEOS Investment Management LLC purchased a new stake in shares of Cullinan Oncology during the fourth quarter valued at approximately $162,000. Franklin Resources Inc. lifted its position in shares of Cullinan Oncology by 13.5% during the fourth quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after purchasing an additional 390,505 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in shares of Cullinan Oncology in the fourth quarter valued at $179,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.