Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up Following Analyst Upgrade

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $28.00 to $33.00. The stock had previously closed at $10.45, but opened at $10.82. HC Wainwright currently has a buy rating on the stock. Cullinan Therapeutics shares last traded at $10.94, with a volume of 36,936 shares changing hands.

Separately, UBS Group started coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $32.50.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the sale, the insider now directly owns 104,453 shares of the company’s stock, valued at approximately $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,582 shares of company stock valued at $372,097. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of CGEM. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics during the second quarter worth $186,000. The Manufacturers Life Insurance Company grew its holdings in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after acquiring an additional 4,393 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Cullinan Therapeutics by 18.3% in the third quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock worth $2,261,000 after acquiring an additional 20,841 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake 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. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Stock Up 12.9 %

The business’s fifty day moving average is $11.79 and its two-hundred day moving average is $15.29. The firm has a market cap of $687.06 million, a price-to-earnings ratio of -4.14 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. Research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

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.