Cullinan Therapeutics’ (CGEM) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report published on Friday morning, Benzinga reports. HC Wainwright currently has a $28.00 target price on the stock.

Several other research analysts have also recently issued reports on CGEM. Wedbush restated an outperform rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Thursday, May 16th. Stifel Nicolaus initiated coverage on Cullinan Therapeutics in a report on Wednesday, May 1st. They set a buy rating and a $40.00 price target on the stock. Jonestrading increased their price objective on Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, April 17th. BTIG Research upped their target price on Cullinan Therapeutics from $20.00 to $30.00 and gave the company a buy rating in a report on Wednesday, April 17th. Finally, William Blair assumed coverage on Cullinan Therapeutics in a research report on Monday, April 15th. They set an outperform rating on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $32.00.

Cullinan Therapeutics Trading Up 6.5 %

Cullinan Therapeutics stock traded up $1.48 during mid-day trading on Friday, hitting $24.13. 604,117 shares of the company traded hands, compared to its average volume of 1,154,730. Cullinan Therapeutics has a one year low of $7.64 and a one year high of $30.19. The stock has a fifty day moving average price of $20.75 and a 200-day moving average price of $15.40.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results 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. Analysts expect that Cullinan Therapeutics will post -3.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 58,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $28.07, for a total value of $1,628,060.00. Following the completion of the transaction, the insider now owns 129,582 shares of the company’s stock, valued at approximately $3,637,366.74. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. boosted its holdings in shares of Cullinan Therapeutics by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after buying an additional 615 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Cullinan Therapeutics by 352.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cullinan Therapeutics by 1,331.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares in the last quarter. Vontobel Holding Ltd. bought a new stake in Cullinan Therapeutics during the fourth quarter valued at about $102,000. Finally, Annandale Capital LLC increased its position in Cullinan Therapeutics by 20.0% in the third quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock worth $109,000 after buying an additional 2,000 shares in the last quarter. Institutional investors 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.