Cullinan Therapeutics’ (CGEM) “Buy” Rating Reaffirmed at BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a research report issued on Monday, Benzinga reports. They presently have a $40.00 price target on the stock. BTIG Research‘s price target indicates a potential upside of 168.64% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. Wedbush increased their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. One equities research 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 issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.71.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $14.89 on Monday. The company’s fifty day moving average price is $18.76 and its 200-day moving average price is $16.86. The company has a market capitalization of $958.32 million, a PE ratio of -4.80 and a beta of -0.05. Cullinan Therapeutics has a one year low of $6.73 and a one year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). On average, research analysts predict that Cullinan Therapeutics will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 30,000 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CGEM. BlackRock Inc. acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $95,289,000. Blue Owl Capital Holdings LP acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $28,039,000. Boone Capital Management LLC acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $12,828,000. Elmind Capital LP acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $12,564,900. Finally, Bank of America Corp DE acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $9,293,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.