Cullinan Therapeutics' (CGEM) Overweight Rating Reaffirmed at Morgan Stanley

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities researchers at Morgan Stanley in a report released on Friday,Benzinga reports. They presently have a $35.00 price objective on the stock, down from their previous price objective of $38.00. Morgan Stanley's price target indicates a potential upside of 333.97% from the stock's current price.

Separately, HC Wainwright reiterated a "buy" rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Eight 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 $32.86.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM traded down $0.09 on Friday, hitting $8.07. 58,608 shares of the stock were exchanged, compared to its average volume of 455,084. The stock has a fifty day moving average price of $10.06 and a two-hundred day moving average price of $13.52. The firm has a market capitalization of $471.91 million, a P/E ratio of -2.84 and a beta of -0.12. Cullinan Therapeutics has a 52-week low of $7.90 and a 52-week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping analysts' consensus estimates of ($0.75) by $0.02. Sell-side analysts expect that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

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Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 3,489 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the transaction, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. This trade represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the sale, the insider now owns 174,164 shares of the company's stock, valued at $1,485,618.92. The trade was a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,006 shares of company stock worth $395,604 in the last three months. Corporate insiders own 6.07% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CGEM. Amalgamated Bank lifted its position in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company's stock worth $30,000 after purchasing an additional 872 shares during the period. Federated Hermes Inc. boosted its position in Cullinan Therapeutics by 67.0% during the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after acquiring an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC lifted its stake in shares of Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after purchasing an additional 1,600 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at about $77,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Cullinan Therapeutics in the 4th quarter worth approximately $83,000. Hedge funds and other 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.