Cullinan Therapeutics (NASDAQ:CGEM) Receives New Coverage from Analysts at UBS Group

UBS Group started coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research note published on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $30.00 price objective on the stock.

CGEM has been the subject of a number of other reports. Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright reiterated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $15.96 on Thursday. Cullinan Therapeutics has a fifty-two week low of $7.64 and a fifty-two week high of $30.19. The stock’s fifty day moving average price is $17.29 and its two-hundred day moving average price is $19.19. The company has a market cap of $919.84 million, a PE ratio of -5.10 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data 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). On average, equities analysts predict that Cullinan Therapeutics will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the sale, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. raised its holdings in Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Cullinan Therapeutics by 18.3% during the third quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock worth $2,261,000 after buying an additional 20,841 shares during the last quarter. Perceptive Advisors LLC bought a new position in Cullinan Therapeutics during the second quarter worth $13,079,000. Lynx1 Capital Management LP acquired a new position in Cullinan Therapeutics in the second quarter valued at $6,581,000. Finally, The Manufacturers Life Insurance Company boosted its position in Cullinan Therapeutics by 40.7% during the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after acquiring an additional 4,393 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.