Cullinan Therapeutics (NASDAQ:CGEM) Given New $36.00 Price Target at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its price objective upped by equities researchers at Wedbush from $34.00 to $36.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target points to a potential upside of 141.45% from the company’s current price.

Several other brokerages have also recently commented on CGEM. BTIG Research boosted their target price on Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Guggenheim began coverage on Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 price objective on the stock. HC Wainwright upped their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.56.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $14.91 on Wednesday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $16.74. The business has a fifty day moving average of $12.48 and a 200-day moving average of $9.82. The stock has a market cap of $880.88 million, a price-to-earnings ratio of -4.50 and a beta of -0.15.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.03. On average, equities research analysts predict that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Activity

In related news, insider Jeffrey Alan Jones sold 4,982 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $67,854.84. Following the completion of the sale, the insider owned 164,550 shares in the company, valued at approximately $2,241,171. This represents a 2.94% 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, CFO Mary Kay Fenton sold 4,398 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the sale, the chief financial officer directly owned 126,380 shares in the company, valued at approximately $1,721,295.60. This trade represents a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 107,912 shares of company stock valued at $1,420,241. 6.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 valued at $28,000 after purchasing an additional 1,036 shares during the period. Seven Fleet Capital Management LP purchased a new position in Cullinan Therapeutics during the fourth quarter valued at approximately $31,000. CWM LLC grew its position in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares in the last quarter. Signaturefd LLC increased its stake in Cullinan Therapeutics by 689.7% in the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after buying an additional 3,607 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Cullinan Therapeutics in the 3rd quarter worth approximately $62,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.