HC Wainwright Reiterates "Buy" Rating for Cullinan Therapeutics (NASDAQ:CGEM)

HC Wainwright restated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM - Free Report) in a research report released on Friday,Benzinga reports. They currently have a $33.00 price objective on the stock.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock traded down $0.49 during trading on Friday, reaching $8.00. The company's stock had a trading volume of 476,667 shares, compared to its average volume of 467,409. The business's fifty day moving average price is $10.45 and its 200-day moving average price is $13.85. The firm has a market cap of $465.82 million, a price-to-earnings ratio of -2.82 and a beta of -0.16. Cullinan Therapeutics has a one year low of $7.95 and a one year high of $30.19.

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

Insider Buying and Selling

In related news, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the sale, the chief executive officer now directly owns 430,621 shares of the company's stock, valued at $3,673,197.13. This trade represents a 2.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 4,693 shares of Cullinan Therapeutics stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the sale, the insider now directly owns 99,760 shares in the company, valued at approximately $1,138,261.60. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,006 shares of company stock valued at $395,604 over the last three months. 6.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank boosted its holdings in Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company's stock valued at $30,000 after purchasing an additional 872 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after purchasing an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC boosted its holdings in Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after purchasing an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in Cullinan Therapeutics during the fourth quarter valued at approximately $77,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Cullinan Therapeutics during the fourth quarter valued at approximately $83,000. 86.31% of the stock is 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.