Cullinan Therapeutics (NASDAQ:CGEM) Earns Buy Rating from Analysts at Citigroup

Citigroup assumed coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research note issued to investors on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $33.00 price target on the stock. Citigroup’s price objective suggests a potential upside of 165.27% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on CGEM. BTIG Research upped their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Zacks Research upgraded Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 21st. Guggenheim assumed coverage on Cullinan Therapeutics in a report on Monday, February 2nd. They set a “buy” rating and a $30.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. Finally, New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $12.44 on Tuesday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $13.43. The business has a fifty day moving average price of $11.20 and a two-hundred day moving average price of $9.08. The stock has a market capitalization of $734.96 million, a PE ratio of -3.76 and a beta of -0.09.

Insider Activity

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,632 shares of the company’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 $44,791.44. Following the sale, the insider owned 169,532 shares of the company’s stock, valued at approximately $1,639,374.44. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacquelyn L. Sumer sold 3,480 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $9.67, for a total value of $33,651.60. Following the sale, the insider owned 135,432 shares in the company, valued at approximately $1,309,627.44. The trade was a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 33,836 shares of company stock worth $361,087. 7.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Virtus Investment Advisers LLC increased its stake in Cullinan Therapeutics by 75.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 22,318 shares of the company’s stock valued at $231,000 after purchasing an additional 9,604 shares in the last quarter. Susquehanna Portfolio Strategies LLC raised its stake in Cullinan Therapeutics by 87.8% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 233,842 shares of the company’s stock worth $2,420,000 after buying an additional 109,311 shares during the period. Elmind Capital LP bought a new position in Cullinan Therapeutics in the fourth quarter worth approximately $3,208,000. Engineers Gate Manager LP grew its stake in Cullinan Therapeutics by 37.7% in the fourth quarter. Engineers Gate Manager LP now owns 69,343 shares of the company’s stock valued at $718,000 after acquiring an additional 18,980 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $12,803,000. 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.