Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Consensus Recommendation of "Buy" by Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) has been assigned an average recommendation of "Buy" from the eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. Eight 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 $32.86.

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

Insider Activity

In related news, insider Jeffrey Alan Jones sold 4,895 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the sale, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the business's stock in a transaction on 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 directly owns 95,760 shares in the company, valued at $1,197,957.60. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,424 shares of company stock worth $198,667 in the last 90 days. Corporate insiders own 6.07% of the company's stock.

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Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Boxer Capital Management LLC acquired a new position in Cullinan Therapeutics during the 4th quarter worth approximately $11,058,000. Orbimed Advisors LLC lifted its position in shares of Cullinan Therapeutics by 81.5% in the fourth quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company's stock worth $23,660,000 after purchasing an additional 872,500 shares in the last quarter. Lynx1 Capital Management LP boosted its holdings in Cullinan Therapeutics by 206.2% during the fourth quarter. Lynx1 Capital Management LP now owns 1,257,795 shares of the company's stock worth $15,320,000 after purchasing an additional 846,965 shares during the last quarter. Patient Square Capital LP bought a new position in Cullinan Therapeutics in the third quarter valued at $13,806,000. Finally, RTW Investments LP increased its stake in Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company's stock valued at $28,558,000 after buying an additional 653,330 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock traded down $0.08 during trading hours on Wednesday, reaching $7.41. 600,301 shares of the company's stock traded hands, compared to its average volume of 654,343. Cullinan Therapeutics has a fifty-two week low of $7.20 and a fifty-two week high of $30.19. The firm's 50 day moving average is $9.08 and its 200-day moving average is $12.34. The firm has a market capitalization of $433.58 million, a price-to-earnings ratio of -2.61 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data 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. Analysts predict that Cullinan Therapeutics will post -3.04 EPS for the current year.

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.