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

HC Wainwright reaffirmed their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report report published on Monday morning,Benzinga reports. HC Wainwright currently has a $30.00 price target on the stock.

Other analysts have also issued research reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wedbush raised their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, BTIG Research upped their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $32.86.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $22.52 on Monday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $22.54. The firm’s 50 day simple moving average is $17.56 and its 200-day simple moving average is $15.29. The company has a market cap of $1.45 billion, a P/E ratio of -7.26 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, analysts expect that Cullinan Therapeutics will post -3.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the transaction, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This represents a 15.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of CGEM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cullinan Therapeutics by 24.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,178 shares of the company’s stock worth $1,533,000 after acquiring an additional 16,522 shares during the last quarter. Wellington Management Group LLP boosted its position in Cullinan Therapeutics by 10.1% during the second quarter. Wellington Management Group LLP now owns 164,716 shares of the company’s stock valued at $2,999,000 after purchasing an additional 15,090 shares during the last quarter. Corient Private Wealth LP purchased a new position in Cullinan Therapeutics in the second quarter valued at about $970,000. Bank of America Corp DE purchased a new position in Cullinan Therapeutics in the second quarter valued at about $9,293,000. Finally, Boone Capital Management LLC acquired a new position in Cullinan Therapeutics in the 2nd quarter worth about $12,828,000. Institutional investors and hedge funds 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.