Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) PT at $31.67

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been assigned a consensus rating of “Buy” from the seven brokerages that are covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $31.67.

Several brokerages recently issued reports on CGEM. UBS Group assumed coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % 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 8,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,582 shares of company stock worth $372,097. 6.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank boosted its position in shares of 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 buying an additional 872 shares during the last quarter. Arizona State Retirement System bought a new position in Cullinan Therapeutics during the 2nd quarter valued at $182,000. Squarepoint Ops LLC purchased a new position in Cullinan Therapeutics during the 2nd quarter worth $186,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Cullinan Therapeutics by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after acquiring an additional 4,380 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Cullinan Therapeutics by 40.7% in the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after purchasing an additional 4,393 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Up 1.6 %

NASDAQ:CGEM opened at $10.42 on Friday. The stock’s 50-day moving average is $12.17 and its 200-day moving average is $15.50. Cullinan Therapeutics has a 1-year low of $9.50 and a 1-year high of $30.19. The stock has a market cap of $606.76 million, a P/E ratio of -3.67 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. As a group, equities analysts forecast that Cullinan Therapeutics will post -3.12 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.