Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Average Recommendation of “Buy” by Brokerages

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have earned an average rating of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have covered the stock in the last year is $31.67.

CGEM has been the topic of several recent analyst reports. UBS Group started coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th.

Insider Buying and Selling at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics 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 completion of the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,582 shares of company stock worth $322,057. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

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

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $12.02 on Monday. The stock’s 50 day moving average price is $13.83 and its 200 day moving average price is $16.32. Cullinan Therapeutics has a 1-year low of $9.91 and a 1-year high of $30.19. The company has a market cap of $699.90 million, a PE ratio of -4.23 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, equities research analysts anticipate that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

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.