Cullinan Therapeutics (NASDAQ:CGEM) Receives Buy Rating from HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They presently have a $33.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 283.28% from the stock’s previous close.

Cullinan Therapeutics Stock Up 1.9 %

Shares of NASDAQ CGEM opened at $8.61 on Friday. Cullinan Therapeutics has a fifty-two week low of $8.35 and a fifty-two week high of $30.19. The business has a 50 day moving average price of $10.59 and a two-hundred day moving average price of $14.00. The firm has a market cap of $501.34 million, a PE ratio of -3.03 and a beta of -0.16.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.02. On average, analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jeffrey Alan Jones sold 4,895 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the transaction, the insider now directly owns 174,164 shares in the company, valued at approximately $1,485,618.92. This trade represents a 2.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the transaction, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. This trade represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,006 shares of company stock worth $395,604. 6.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its stake in Cullinan Therapeutics by 18.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock worth $2,261,000 after buying an additional 20,841 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after acquiring an additional 3,881 shares during the period. Amalgamated Bank grew its position in shares of Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after acquiring an additional 872 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Cullinan Therapeutics by 900.7% in the 3rd quarter. Quest Partners LLC now owns 20,404 shares of the company’s stock worth $342,000 after acquiring an additional 18,365 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Cullinan Therapeutics in the 3rd quarter worth about $293,000. 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.