Cullinan Therapeutics (NASDAQ:CGEM) Given New $33.00 Price Target at HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM) had its target price boosted by HC Wainwright from $28.00 to $33.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, UBS Group began coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $11.25 on Wednesday. The company’s 50-day moving average is $11.76 and its 200-day moving average is $15.27. The firm has a market capitalization of $655.09 million, a PE ratio of -3.96 and a beta of -0.14. Cullinan Therapeutics has a fifty-two week low of $9.50 and a fifty-two week high of $30.19.

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

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the sale, the insider now owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,582 shares of company stock valued at $372,097 in the last ninety days. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CGEM. State Street Corp grew its stake in Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after buying an additional 396,034 shares in the last quarter. RTW Investments LP boosted its position in shares of Cullinan Therapeutics by 62.1% during the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after acquiring an additional 653,330 shares in the last quarter. Holocene Advisors LP increased its stake in Cullinan Therapeutics by 16.5% in the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock valued at $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cullinan Therapeutics by 23.8% during the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after purchasing an additional 231,935 shares during the last quarter. Finally, Braidwell LP boosted its holdings in shares of Cullinan Therapeutics by 567.6% in the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after purchasing an additional 1,000,000 shares in the last quarter. 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.