Cullinan Therapeutics (NASDAQ:CGEM) Hits New 1-Year High – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price hit a new 52-week high on Thursday . The company traded as high as $14.02 and last traded at $13.9360, with a volume of 1179712 shares traded. The stock had previously closed at $12.44.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CGEM. Zacks Research raised shares of Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 21st. Guggenheim assumed coverage on Cullinan Therapeutics in a report on Monday, February 2nd. They set a “buy” rating and a $30.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Monday, December 29th. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research report on Thursday, November 20th. Finally, Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Trading Up 11.2%

The company’s 50-day simple moving average is $11.20 and its 200-day simple moving average is $9.08. The stock has a market capitalization of $817.37 million, a price-to-earnings ratio of -4.18 and a beta of -0.09.

Insiders Place Their Bets

In related news, insider Jeffrey Alan Jones sold 4,632 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $9.67, for a total value of $44,791.44. Following the transaction, the insider owned 169,532 shares of the company’s stock, valued at approximately $1,639,374.44. This trade represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacquelyn L. Sumer sold 3,480 shares of Cullinan Therapeutics stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $33,651.60. Following the transaction, the insider directly owned 135,432 shares in the company, valued at $1,309,627.44. This represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 33,836 shares of company stock valued at $361,087. Company insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently made changes to their positions in CGEM. Caitong International Asset Management Co. Ltd lifted its stake in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after purchasing an additional 1,036 shares in the last quarter. CWM LLC increased its holdings in shares of Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after purchasing an additional 1,318 shares during the period. Signaturefd LLC raised its position in shares of Cullinan Therapeutics by 689.7% in the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after buying an additional 3,607 shares in the last quarter. SG Americas Securities LLC bought a new stake in Cullinan Therapeutics during the third quarter valued at $62,000. Finally, Tower Research Capital LLC TRC grew its position in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

About Cullinan Therapeutics

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.