Cullinan Therapeutics (NASDAQ:CGEM) Earns “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research note released on Wednesday, Benzinga reports. The firm currently has a $36.00 price objective on the stock.

Several other equities research analysts have also recently commented on the company. HC Wainwright reissued a buy rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Monday, September 16th. William Blair reissued an outperform rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of Buy and an average price target of $32.00.

Cullinan Therapeutics Trading Up 1.2 %

Shares of NASDAQ CGEM opened at $18.15 on Wednesday. Cullinan Therapeutics has a 1-year low of $7.64 and a 1-year high of $30.19. The company has a 50-day moving average of $18.08 and a two-hundred day moving average of $19.23. The company has a market cap of $1.05 billion, a PE ratio of -5.80 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued 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). As a group, equities research analysts forecast that Cullinan Therapeutics will post -3.2 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, September 5th. The stock was 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 directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CGEM. Trexquant Investment LP acquired a new stake in Cullinan Therapeutics in the fourth quarter worth $356,000. SG Americas Securities LLC raised its stake in Cullinan Therapeutics by 757.2% during the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after buying an additional 75,236 shares during the period. Parkman Healthcare Partners LLC raised its stake in Cullinan Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after buying an additional 91,132 shares during the period. E Fund Management Co. Ltd. bought a new position in Cullinan Therapeutics during the second quarter worth about $1,305,000. Finally, Bank of New York Mellon Corp grew its stake in Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after acquiring an additional 43,757 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.