Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up Following Analyst Upgrade

Cullinan Oncology, Inc. (NASDAQ:CGEM) shares gapped up before the market opened on Wednesday after Jonestrading raised their price target on the stock from $22.00 to $26.00. The stock had previously closed at $17.32, but opened at $18.01. Jonestrading currently has a buy rating on the stock. Cullinan Oncology shares last traded at $19.26, with a volume of 226,396 shares traded.

A number of other research analysts have also issued reports on CGEM. William Blair began coverage on Cullinan Oncology in a research report on Monday. They set an “outperform” rating for the company. HC Wainwright reduced their price target on Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday. Wedbush began coverage on Cullinan Oncology in a research report on Thursday, February 15th. They set an “outperform” rating and a $30.00 price target for the company. Finally, BTIG Research boosted their price target on Cullinan Oncology from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $28.75.

Insider Activity

In other news, insider Corrine Savill sold 18,684 shares of the company’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $12.14, for a total value of $226,823.76. Following the completion of the sale, the insider now owns 165,990 shares in the company, valued at $2,015,118.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 98,684 shares of company stock worth $1,437,624 over the last 90 days. 8.82% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Oncology

Institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Cullinan Oncology by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after buying an additional 3,859 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Cullinan Oncology during the second quarter valued at $53,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cullinan Oncology by 1,331.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of Cullinan Oncology during the second quarter valued at $59,000. Finally, Royal Bank of Canada lifted its holdings in shares of Cullinan Oncology by 499.8% during the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock valued at $97,000 after purchasing an additional 7,492 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Oncology Price Performance

The firm has a market capitalization of $777.84 million, a PE ratio of -4.89 and a beta of 0.33. The firm has a fifty day moving average price of $17.29 and a 200 day moving average price of $12.60.

Cullinan Oncology (NASDAQ:CGEM) last announced its earnings results on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, beating the consensus estimate of ($0.96) by $0.42. On average, sell-side analysts expect that Cullinan Oncology, Inc. will post -3.6 EPS for the current year.

About Cullinan Oncology

Cullinan Oncology, 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.