Cullinan Therapeutics (NASDAQ:CGEM) Earns “Buy” Rating from BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $40.00 target price on the stock. BTIG Research’s target price indicates a potential upside of 193.77% from the stock’s previous close.

CGEM has been the subject of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. Wedbush increased their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $33.71.

Cullinan Therapeutics Trading Up 5.3%

CGEM traded up $0.69 on Monday, reaching $13.62. The company had a trading volume of 200,921 shares, compared to its average volume of 904,982. The company has a market capitalization of $876.33 million, a P/E ratio of -4.39 and a beta of -0.05. The company has a fifty day moving average of $19.04 and a 200-day moving average of $16.85. Cullinan Therapeutics has a one year low of $6.73 and a one year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last released 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). Research analysts predict that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the completion of the sale, the insider directly owned 158,844 shares in the company, valued at approximately $3,426,265.08. This trade represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. Elmind Capital LP acquired a new position in shares of Cullinan Therapeutics in the 2nd quarter worth $12,564,900. BlackRock Inc. acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $95,289,000. Engineers Gate Manager LP lifted its holdings in shares of Cullinan Therapeutics by 130.9% during the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after purchasing an additional 86,762 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Cullinan Therapeutics during the second quarter valued at $3,114,000. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $28,039,000. 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 and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan’s pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.