Cullinan Therapeutics’ (CGEM) Outperform Rating Reiterated at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report released on Thursday,Benzinga reports. They presently have a $37.00 price objective on the stock. Wedbush’s target price would suggest a potential upside of 192.49% from the stock’s current price.

Several other research firms have also recently commented on CGEM. Citigroup assumed coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. BTIG Research reaffirmed a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Finally, Wall Street Zen cut shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Trading Up 5.0%

Shares of NASDAQ CGEM opened at $12.65 on Thursday. The company has a market cap of $777.47 million, a price-to-earnings ratio of -3.73 and a beta of -0.01. The stock’s 50 day simple moving average is $14.50 and its 200 day simple moving average is $12.98. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. As a group, equities analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the transaction, the insider owned 166,844 shares in the company, valued at $2,439,259.28. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Blue Owl Capital Holdings LP boosted its stake in shares of Cullinan Therapeutics by 5.2% during the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after acquiring an additional 125,000 shares in the last quarter. AXQ Capital LP bought a new position in shares of Cullinan Therapeutics in the 3rd quarter valued at approximately $194,000. UBS Group AG lifted its holdings in Cullinan Therapeutics by 44.4% in the 4th quarter. UBS Group AG now owns 271,736 shares of the company’s stock worth $2,812,000 after purchasing an additional 83,551 shares during the last quarter. Tema Etfs LLC acquired a new stake in Cullinan Therapeutics in the 4th quarter worth approximately $383,000. Finally, Tudor Investment Corp ET AL boosted its position in Cullinan Therapeutics by 30.9% during the third quarter. Tudor Investment Corp ET AL now owns 28,988 shares of the company’s stock worth $172,000 after purchasing an additional 6,850 shares during the period. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.