Cullinan Therapeutics’ (CGEM) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Monday morning, Benzinga reports. HC Wainwright currently has a $28.00 target price on the stock.

A number of other research analysts have also commented on CGEM. Wedbush restated an outperform rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, August 8th. William Blair reaffirmed an outperform rating 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, the company has an average rating of Buy and an average price target of $32.00.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $17.94 on Monday. The business’s fifty day moving average is $18.05 and its 200 day moving average is $19.24. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -5.73 and a beta of -0.12. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). Equities analysts predict that Cullinan Therapeutics will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C increased its holdings in shares of Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after buying an additional 2,141,706 shares during the period. Marshall Wace LLP increased its stake in Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares during the period. Perceptive Advisors LLC purchased a new stake in shares of Cullinan Therapeutics during the second quarter valued at approximately $13,079,000. Franklin Resources Inc. increased its stake in shares of Cullinan Therapeutics by 13.5% in the fourth quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after buying an additional 390,505 shares during the period. Finally, Lynx1 Capital Management LP bought a new stake in Cullinan Therapeutics during the 2nd quarter valued at $6,581,000. 86.31% of the stock is owned by institutional investors.

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.