Cullinan Therapeutics (NASDAQ:CGEM) Shares Up 5.7%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price shot up 5.7% on Monday . The stock traded as high as $19.40 and last traded at $19.33. 235,985 shares were traded during mid-day trading, a decline of 66% from the average session volume of 699,164 shares. The stock had previously closed at $18.29.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CGEM. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. BTIG Research increased their price objective on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. 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 reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, May 16th. Finally, William Blair reaffirmed an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $32.00.

Cullinan Therapeutics Trading Up 4.5 %

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.09 and a beta of -0.12. The stock’s fifty day simple moving average is $20.16 and its 200-day simple moving average is $18.34.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Wednesday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.02 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Friday, July 5th. The shares were sold at an average price of $16.33, for a total transaction of $130,640.00. Following the sale, the insider now directly owns 123,942 shares in the company, valued at approximately $2,023,972.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. grew its position in Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after purchasing an additional 615 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Cullinan Therapeutics by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock worth $390,000 after purchasing an additional 820 shares during the last quarter. SG Americas Securities LLC grew its position in Cullinan Therapeutics by 12.3% during the 4th quarter. SG Americas Securities LLC now owns 14,449 shares of the company’s stock worth $147,000 after purchasing an additional 1,587 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Cullinan Therapeutics by 22.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after purchasing an additional 3,134 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in Cullinan Therapeutics by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after purchasing an additional 3,859 shares during the last quarter. 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.