Cullinan Therapeutics (NASDAQ:CGEM) Research Coverage Started at UBS Group

UBS Group started coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a report issued on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $30.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $31.67.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $15.76 on Thursday. The firm has a 50-day simple moving average of $17.30 and a two-hundred day simple moving average of $19.18. Cullinan Therapeutics has a fifty-two week low of $7.64 and a fifty-two week high of $30.19. The company has a market cap of $908.31 million, a P/E ratio of -5.07 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). Equities research analysts forecast that Cullinan Therapeutics will post -3.2 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CGEM. Deerfield Management Company L.P. Series C lifted its stake in Cullinan Therapeutics by 188.1% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Perceptive Advisors LLC purchased a new position in Cullinan Therapeutics during the second quarter worth approximately $13,079,000. Renaissance Technologies LLC boosted its stake in Cullinan Therapeutics by 31.3% during the second quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock worth $7,355,000 after buying an additional 100,608 shares during the last quarter. Finally, Lynx1 Capital Management LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter valued at $6,581,000. 86.31% of the stock is currently 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.