Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 5.6%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares rose 5.6% during mid-day trading on Monday . The company traded as high as $17.31 and last traded at $17.08. Approximately 50,417 shares were traded during trading, a decline of 93% from the average daily volume of 692,565 shares. The stock had previously closed at $16.18.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CGEM shares. William Blair reaffirmed an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Jonestrading lifted their target price on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. BTIG Research increased their price target on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Stifel Nicolaus initiated coverage on Cullinan Therapeutics in a report on Wednesday, May 1st. They set a “buy” rating and a $40.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $32.00.

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $923.81 million, a P/E ratio of -5.16 and a beta of -0.12. The company’s 50 day simple moving average is $21.83 and its two-hundred day simple moving average is $17.93.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.02 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $16.33, for a total value of $130,640.00. Following the transaction, the insider now directly owns 123,942 shares in the company, valued at approximately $2,023,972.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CGEM. Citigroup Inc. raised its stake in shares of Cullinan Therapeutics by 186.1% during the third quarter. Citigroup Inc. now owns 23,534 shares of the company’s stock worth $213,000 after buying an additional 15,308 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Cullinan Therapeutics by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 14,076 shares of the company’s stock valued at $143,000 after acquiring an additional 3,569 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Cullinan Therapeutics by 12.3% in the 4th quarter. SG Americas Securities LLC now owns 14,449 shares of the company’s stock valued at $147,000 after purchasing an additional 1,587 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Cullinan Therapeutics by 352.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Cullinan Therapeutics during the fourth quarter worth $102,000. 86.31% of the stock is currently 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.