Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives Consensus Recommendation of “Buy” from Brokerages

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been assigned a consensus rating of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $32.00.

A number of analysts have weighed in on CGEM shares. Wedbush reiterated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a report on Thursday, May 16th. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Jonestrading raised their target price on Cullinan Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, BTIG Research raised their target price on Cullinan Therapeutics from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th.

Cullinan Therapeutics Trading Down 1.6 %

Shares of Cullinan Therapeutics stock opened at $19.05 on Friday. The business has a 50-day moving average price of $19.47 and a two-hundred day moving average price of $18.80. Cullinan Therapeutics has a 1-year low of $7.64 and a 1-year high of $30.19. The company has a market cap of $1.10 billion, a P/E ratio of -6.09 and a beta of -0.12.

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

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $16.33, for a total transaction of $130,640.00. Following the completion of the transaction, the insider now owns 123,942 shares in the company, valued at approximately $2,023,972.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after buying an additional 3,758 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $1,992,000. SG Americas Securities LLC raised its holdings in shares of Cullinan Therapeutics by 757.2% in the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after purchasing an additional 75,236 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Cullinan Therapeutics by 39.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 17,481 shares of the company’s stock worth $305,000 after purchasing an additional 4,941 shares during the period. Institutional investors own 86.31% of the company’s stock.

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.