Cullinan Therapeutics (NASDAQ:CGEM) Stock Keeps “Buy” Rating at BTIG Research

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued to investors on Monday, Benzinga reports. They currently have a $40.00 price objective on the stock. BTIG Research‘s price objective points to a potential upside of 169.72% from the stock’s previous close.

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

Cullinan Therapeutics Trading Up 6.1%

Shares of CGEM stock traded up $0.85 during mid-day trading on Monday, reaching $14.83. The stock had a trading volume of 694,005 shares, compared to its average volume of 907,487. The company has a market cap of $954.46 million, a P/E ratio of -4.78 and a beta of -0.05. Cullinan Therapeutics has a 12-month low of $6.73 and a 12-month high of $23.19. The business has a 50-day simple moving average of $18.95 and a 200 day simple moving average of $16.85.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results 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). Research analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 the business. Elmind Capital LP bought a new position in Cullinan Therapeutics in the second quarter valued at approximately $12,564,900. BlackRock Inc. acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth $95,289,000. Engineers Gate Manager LP raised its position in shares of Cullinan Therapeutics by 130.9% during the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after acquiring an additional 86,762 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Cullinan Therapeutics during the 2nd 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. 86.31% of the stock is owned by institutional investors.

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.