Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month High Following Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price reached a new 52-week high during trading on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The stock traded as high as $22.84 and last traded at $22.5350, with a volume of 31270 shares traded. The stock had previously closed at $21.82.

Several other analysts also recently issued reports on CGEM. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. BTIG Research boosted their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wedbush increased their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.86.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the transaction, the insider directly owned 162,844 shares in the company, valued at $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Cullinan Therapeutics by 347.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock worth $1,070,000 after purchasing an additional 58,488 shares in the last quarter. Blue Owl Capital Holdings LP bought a new position in Cullinan Therapeutics in the second quarter worth $28,039,000. Y Intercept Hong Kong Ltd bought a new position in Cullinan Therapeutics in the first quarter worth $1,356,000. Boothbay Fund Management LLC acquired a new stake in Cullinan Therapeutics during the fourth quarter worth $12,803,000. Finally, Dimensional Fund Advisors LP boosted its stake in Cullinan Therapeutics by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company’s stock worth $12,870,000 after buying an additional 57,259 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Price Performance

The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -7.27 and a beta of 0.01. The stock’s 50 day simple moving average is $18.05 and its two-hundred day simple moving average is $15.48.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

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.