Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 9.3% – Here’s Why

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) were up 9.3% during mid-day trading on Monday . The company traded as high as $11.94 and last traded at $11.5710. Approximately 433,931 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 622,105 shares. The stock had previously closed at $10.59.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CGEM shares. Wedbush boosted their price objective on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley lowered their price target on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, August 18th. BTIG Research raised their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a report on Monday, November 24th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Monday. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

Cullinan Therapeutics Stock Up 0.8%

The firm has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $7.97. The company has a market cap of $736.09 million, a PE ratio of -3.76 and a beta of -0.11.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, beating the consensus estimate of ($0.95) by $0.18. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction on Monday, November 24th. The shares were sold at an average price of $12.30, for a total value of $49,200.00. Following the transaction, the insider directly owned 138,004 shares of the company’s stock, valued at $1,697,449.20. The trade was a 2.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Lynx1 Capital Management Lp purchased 165,667 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the transaction, the insider owned 8,963,500 shares in the company, valued at $75,293,400. The trade was a 1.88% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 1,874,057 shares of company stock valued at $13,325,286 over the last three months. Corporate insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new position in shares of Cullinan Therapeutics in the first quarter valued at approximately $34,000. SG Americas Securities LLC purchased a new position in Cullinan Therapeutics in the 3rd quarter valued at $62,000. Tower Research Capital LLC TRC increased its stake in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after buying an additional 2,523 shares during the period. Inscription Capital LLC purchased a new position in Cullinan Therapeutics during the 3rd quarter worth $67,000. Finally, Compass Ion Advisors LLC acquired a new stake in shares of Cullinan Therapeutics in the 3rd quarter worth $82,000. Institutional investors and hedge funds 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.