HC Wainwright Reaffirms Buy Rating for Cullinan Therapeutics (NASDAQ:CGEM)

HC Wainwright reiterated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEMFree Report) in a report issued on Friday morning, Benzinga reports. HC Wainwright currently has a $28.00 target price on the stock.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus began coverage on shares of Cullinan Therapeutics in a research report on Wednesday, May 1st. They set a buy rating and a $40.00 price objective for the company. Wedbush reiterated an outperform rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. Jonestrading raised their price objective on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. BTIG Research increased their target price on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Finally, William Blair assumed coverage on Cullinan Therapeutics in a report on Monday, April 15th. They set an outperform rating for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $32.00.

Get Our Latest Report on CGEM

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $24.13 on Friday. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -7.71 and a beta of -0.01. The firm’s 50-day moving average is $20.75 and its 200-day moving average is $15.48.

Cullinan Therapeutics (NASDAQ:CGEMGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.42. Sell-side analysts predict that Cullinan Therapeutics will post -3.02 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 58,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the sale, the insider now owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in shares of Cullinan Therapeutics by 11.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 97,159 shares of the company’s stock valued at $879,000 after buying an additional 9,989 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cullinan Therapeutics 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 in the last quarter. Assenagon Asset Management S.A. lifted its stake in Cullinan Therapeutics by 380.1% during the third quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock worth $5,512,000 after purchasing an additional 482,234 shares during the last quarter. Barclays PLC boosted its holdings in shares of Cullinan Therapeutics by 145.6% in the 3rd quarter. Barclays PLC now owns 53,393 shares of the company’s stock valued at $483,000 after purchasing an additional 31,650 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Cullinan Therapeutics in the 3rd quarter valued at $203,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

About Cullinan Therapeutics

(Get Free Report)

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.

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Analyst Recommendations for Cullinan Therapeutics (NASDAQ:CGEM)

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