Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 7% – Time to Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price shot up 7% during trading on Wednesday . The stock traded as high as $17.42 and last traded at $17.37. 106,508 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 670,627 shares. The stock had previously closed at $16.24.

Analyst Ratings Changes

A number of brokerages have weighed in on CGEM. Wedbush restated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Stock Up 8.4 %

The stock has a market cap of $1.01 billion, a P/E ratio of -5.59 and a beta of -0.13. The firm’s 50 day simple moving average is $17.30 and its two-hundred day simple moving average is $19.24.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, equities analysts predict that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its position in shares of 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 purchasing an additional 615 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Cullinan Therapeutics by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock valued at $390,000 after acquiring an additional 820 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cullinan Therapeutics by 22.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after acquiring an additional 3,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after acquiring an additional 3,758 shares during the last quarter. Finally, Profund Advisors LLC raised its position in shares of Cullinan Therapeutics by 26.8% during the second quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock worth $337,000 after purchasing an additional 4,089 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.