HC Wainwright Issues Positive Forecast for Cullinan Therapeutics (NASDAQ:CGEM) Stock Price

Cullinan Therapeutics (NASDAQ:CGEM) had its target price raised by HC Wainwright from $28.00 to $33.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 181.09% from the stock’s current price.

Separately, UBS Group initiated coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $32.50.

Cullinan Therapeutics Stock Up 12.3 %

Shares of CGEM traded up $1.29 during mid-day trading on Wednesday, reaching $11.74. 346,993 shares of the stock traded hands, compared to its average volume of 484,198. The firm has a market cap of $683.62 million, a price-to-earnings ratio of -4.13 and a beta of -0.14. The stock has a fifty day simple moving average of $11.79 and a 200 day simple moving average of $15.29. Cullinan Therapeutics has a 12-month low of $9.50 and a 12-month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.09. On average, equities research analysts expect that Cullinan Therapeutics will post -3.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,582 shares of company stock valued at $372,097 in the last ninety days. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Large investors have recently bought and sold shares of the stock. Amalgamated Bank increased its holdings in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Cullinan Therapeutics by 10.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after purchasing an additional 1,195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cullinan Therapeutics by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after purchasing an additional 2,377 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after purchasing an additional 3,881 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after purchasing an additional 4,393 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.