Brokerages Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Price Target at $28.29

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $28.2857.

A number of research firms recently issued reports on CGEM. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. New Street Research set a $26.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, November 20th. BTIG Research upped their price objective on Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, November 24th. Wedbush lifted their target price on Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Finally, Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 2,898 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $28,023.66. Following the sale, the insider directly owned 133,980 shares in the company, valued at $1,295,586.60. This trade represents a 2.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Alan Jones sold 4,632 shares of Cullinan Therapeutics stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $44,791.44. Following the transaction, the insider owned 169,532 shares in the company, valued at approximately $1,639,374.44. This trade represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders bought 1,874,057 shares of company stock worth $13,325,286 and sold 29,420 shares worth $306,882. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CGEM. Russell Investments Group Ltd. bought a new position in shares of Cullinan Therapeutics in the first quarter worth about $222,000. American Century Companies Inc. lifted its holdings in Cullinan Therapeutics by 11.9% in the 1st quarter. American Century Companies Inc. now owns 112,670 shares of the company’s stock worth $853,000 after purchasing an additional 11,949 shares in the last quarter. Trexquant Investment LP bought a new position in Cullinan Therapeutics in the 1st quarter worth approximately $518,000. Dynamic Technology Lab Private Ltd purchased a new stake in Cullinan Therapeutics during the 1st quarter valued at approximately $163,000. Finally, Jane Street Group LLC grew its holdings in Cullinan Therapeutics by 145.9% during the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock valued at $260,000 after buying an additional 109,413 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Price Performance

CGEM stock opened at $10.12 on Wednesday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $13.33. The company has a market cap of $597.89 million, a P/E ratio of -3.06 and a beta of -0.09. The stock’s fifty day moving average price is $9.77 and its 200-day moving average price is $8.21.

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 analysts’ consensus estimates of ($0.95) by $0.18. As a group, analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

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.