Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Price Target at $31.67

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) has been given a consensus rating of "Buy" by the seven research firms that are presently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $31.67.

Several brokerages recently commented on CGEM. Wedbush reiterated an "outperform" rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. UBS Group assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a "buy" rating and a $30.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th.

Cullinan Therapeutics Stock Up 2.5 %

CGEM stock traded up $0.32 during midday trading on Thursday, hitting $13.09. The company's stock had a trading volume of 485,626 shares, compared to its average volume of 651,491. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19. The firm has a market capitalization of $762.20 million, a P/E ratio of -4.61 and a beta of -0.12. The firm has a 50-day simple moving average of $15.77 and a 200-day simple moving average of $18.01.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, sell-side analysts expect that Cullinan Therapeutics will post -3.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on 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 sale, the insider now directly 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in Cullinan Therapeutics by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company's stock valued at $390,000 after purchasing an additional 820 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Cullinan Therapeutics by 39.4% in the second quarter. Harbor Capital Advisors Inc. now owns 17,481 shares of the company's stock valued at $305,000 after purchasing an additional 4,941 shares during the last quarter. SG Americas Securities LLC grew its holdings in Cullinan Therapeutics by 757.2% in the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company's stock valued at $1,485,000 after purchasing an additional 75,236 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Cullinan Therapeutics in the second quarter valued at $1,992,000. Finally, Bank of New York Mellon Corp grew its holdings in Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company's stock valued at $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Institutional investors and hedge funds 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.