Cullinan Therapeutics (NASDAQ:CGEM) Coverage Initiated at UBS Group

UBS Group started coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM - Free Report) in a research report released on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $30.00 target price on the stock.

A number of other analysts have also recently weighed in on the stock. Wedbush reissued an "outperform" rating and set a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. HC Wainwright reaffirmed a "buy" rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $31.67.

Cullinan Therapeutics Trading Up 1.6 %

Cullinan Therapeutics stock traded up $0.25 during midday trading on Thursday, hitting $15.86. The stock had a trading volume of 506,929 shares, compared to its average volume of 665,344. The business has a fifty day moving average price of $17.32 and a 200 day moving average price of $19.20. Cullinan Therapeutics has a 12 month low of $7.64 and a 12 month high of $30.19. The stock has a market cap of $914.08 million, a P/E ratio of -4.99 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.02). On average, equities analysts anticipate that Cullinan Therapeutics will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the sale, the insider now owns 115,942 shares of the company's stock, valued at $2,097,390.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.07% of the company's stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. raised its stake in Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company's stock valued at $44,000 after acquiring an additional 615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock valued at $155,000 after purchasing an additional 3,758 shares in the last quarter. Arizona State Retirement System acquired a new stake in Cullinan Therapeutics in the second quarter worth about $182,000. Squarepoint Ops LLC bought a new position in Cullinan Therapeutics in the 2nd quarter valued at about $186,000. Finally, The Manufacturers Life Insurance Company increased its stake in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company's stock valued at $265,000 after buying an additional 4,393 shares during the period. 86.31% of the stock is owned by institutional investors.

About Cullinan Therapeutics

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.