Analysts Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Price Target at $32.86

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has been assigned an average recommendation of “Buy” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $32.86.

A number of equities research analysts have recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley reissued an “overweight” rating and set a $35.00 price target (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th.

Cullinan Therapeutics Trading Up 4.7 %

Shares of CGEM stock opened at $9.08 on Friday. The firm’s fifty day moving average price is $9.93 and its two-hundred day moving average price is $13.42. The firm has a market capitalization of $531.30 million, a P/E ratio of -3.20 and a beta of -0.12. Cullinan Therapeutics has a 1 year low of $7.90 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.02. As a group, equities research analysts forecast that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 12,529 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the sale, the chief executive officer now owns 430,621 shares of the company’s stock, valued at $3,673,197.13. This trade represents a 2.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $12.51, for a total transaction of $50,040.00. Following the transaction, the insider now directly owns 95,760 shares in the company, valued at $1,197,957.60. This trade represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,517 shares of company stock valued at $351,922. 6.07% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Braidwell LP lifted its position in shares of Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after buying an additional 1,000,000 shares in the last quarter. Boxer Capital Management LLC bought a new position in shares of Cullinan Therapeutics in the 4th quarter worth $11,058,000. Orbimed Advisors LLC lifted its position in Cullinan Therapeutics by 81.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company’s stock worth $23,660,000 after buying an additional 872,500 shares during the last quarter. Lynx1 Capital Management LP boosted its position in Cullinan Therapeutics by 206.2% during the fourth quarter. Lynx1 Capital Management LP now owns 1,257,795 shares of the company’s stock valued at $15,320,000 after buying an additional 846,965 shares during the period. Finally, Patient Square Capital LP bought a new position in shares of Cullinan Therapeutics in the third quarter worth approximately $13,806,000. 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.