Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 6.2% – Should You Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares rose 6.2% on Monday . The stock traded as high as $13.98 and last traded at $14.0350. Approximately 58,606 shares changed hands during trading, a decline of 92% from the average daily volume of 765,946 shares. The stock had previously closed at $13.22.

Analyst Ratings Changes

CGEM has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. HC Wainwright increased their price target on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 price target for the company. Citigroup initiated coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target for the company. Finally, Zacks Research lowered shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $29.89.

Cullinan Therapeutics Stock Down 3.3%

The company has a market cap of $775.39 million, a P/E ratio of -3.82 and a beta of -0.12. The company’s 50-day moving average is $14.22 and its two-hundred day moving average is $11.63.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.03. On average, analysts anticipate that Cullinan Therapeutics, Inc. will post -2.94 EPS for the current fiscal year.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 11,742 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $14.08, for a total transaction of $165,327.36. Following the completion of the transaction, the insider owned 181,977 shares in the company, valued at $2,562,236.16. This trade represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nadim Ahmed sold 16,381 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $223,109.22. Following the transaction, the chief executive officer owned 404,318 shares of the company’s stock, valued at $5,506,811.16. This represents a 3.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 78,492 shares of company stock valued at $1,113,359. 6.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its position in Cullinan Therapeutics by 62.4% during the fourth 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 during the period. Seven Fleet Capital Management LP bought a new position in Cullinan Therapeutics during the fourth quarter worth about $31,000. CWM LLC boosted its position in Cullinan Therapeutics by 51.5% during 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 boosted its position in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock worth $43,000 after purchasing an additional 3,607 shares during the period. Finally, SG Americas Securities LLC bought a new position in Cullinan Therapeutics during the third quarter worth about $62,000. Institutional investors own 86.31% of the company’s stock.

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.