Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares gapped up before the market opened on Thursday . The stock had previously closed at $12.18, but opened at $12.74. Cullinan Therapeutics shares last traded at $12.55, with a volume of 33,930 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. UBS Group began coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Price Performance

The company’s 50 day simple moving average is $13.60 and its 200 day simple moving average is $16.09. The firm has a market cap of $734.26 million, a price-to-earnings ratio of -4.44 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last released 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. As a group, analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,693 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the transaction, the insider now owns 99,760 shares of the company’s stock, valued at approximately $1,138,261.60. The trade was a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the 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 sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,582 shares of company stock valued at $322,057. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Deerfield Management Company L.P. Series C grew its position in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after buying an additional 2,141,706 shares during the period. State Street Corp raised its position 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 acquiring an additional 396,034 shares during the last quarter. RTW Investments LP lifted its holdings in shares of Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after purchasing an additional 653,330 shares in the last quarter. Holocene Advisors LP grew its position in shares of 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 purchasing an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 23.8% during the 3rd 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 in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.