Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Price Target at $32.86

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) has been given a consensus rating of "Buy" by the eight analysts that are covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $32.86.

A number of equities research analysts have issued reports on CGEM shares. HC Wainwright reiterated a "buy" rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a research report on Friday, February 28th. Morgan Stanley restated an "overweight" rating and issued a $35.00 price objective (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock traded down $0.08 on Wednesday, reaching $7.41. 600,301 shares of the company's stock traded hands, compared to its average volume of 657,647. The business's 50 day moving average price is $9.02 and its two-hundred day moving average price is $12.20. The company has a market capitalization of $433.58 million, a P/E ratio of -2.61 and a beta of -0.05. Cullinan Therapeutics has a 12-month low of $7.11 and a 12-month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. Research analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jeffrey Alan Jones sold 4,895 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the transaction, the insider now owns 174,164 shares in the company, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $12.51, for a total transaction of $50,040.00. Following the completion of the sale, the insider now owns 95,760 shares of the company's stock, valued at approximately $1,197,957.60. The trade was a 4.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,424 shares of company stock valued at $198,667 in the last quarter. Insiders own 6.07% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently modified their holdings of the company. RTW Investments LP raised its stake 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. Harbor Capital Advisors Inc. raised its stake in shares of Cullinan Therapeutics by 43.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company's stock valued at $374,000 after buying an additional 9,385 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Cullinan Therapeutics by 25.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company's stock worth $487,000 after acquiring an additional 5,842 shares during the period. Geode Capital Management LLC boosted its position 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 valued at $20,233,000 after acquiring an additional 231,935 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Cullinan Therapeutics by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company's stock valued at $7,097,000 after acquiring an additional 53,328 shares during the period. 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.