Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 5.6% – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) rose 5.6% on Friday . The company traded as high as $11.56 and last traded at $11.56. Approximately 77,589 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 641,031 shares. The stock had previously closed at $10.95.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group started coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $31.67.

Cullinan Therapeutics Stock Performance

The business’s 50 day simple moving average is $14.38 and its 200-day simple moving average is $16.76. The stock has a market capitalization of $670.79 million, a price-to-earnings ratio of -4.06 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.09. As a group, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank grew its position in Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cullinan Therapeutics by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after acquiring an additional 2,377 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after purchasing an additional 3,758 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after purchasing an additional 3,881 shares during the last quarter. Finally, Profund Advisors LLC boosted its position in shares of Cullinan Therapeutics by 26.8% in the 2nd quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock valued at $337,000 after purchasing an additional 4,089 shares during the period. 86.31% of the stock is currently 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.