Brokerages Set Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Target Price at $31.67

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) have been given a consensus recommendation of “Buy” by the seven ratings firms that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $31.67.

Several research firms have issued reports on CGEM. UBS Group started coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th.

Insider Buying and Selling

In related news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $12.51, for a total value of $50,040.00. Following the transaction, the insider now owns 95,760 shares of the company’s stock, valued at $1,197,957.60. The trade was a 4.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,582 shares of company stock worth $372,097. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently made changes to their positions in the business. Amalgamated Bank raised its stake in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after acquiring an additional 872 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Cullinan Therapeutics in the fourth quarter valued at $136,000. Arizona State Retirement System bought a new position in shares of Cullinan Therapeutics in the second quarter valued at about $182,000. Squarepoint Ops LLC acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth about $186,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after buying an additional 4,380 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Stock Up 0.5 %

CGEM opened at $10.56 on Friday. The company has a fifty day simple moving average of $11.97 and a 200 day simple moving average of $15.43. The stock has a market cap of $614.91 million, a P/E ratio of -3.72 and a beta of -0.14. Cullinan Therapeutics has a 12 month low of $9.50 and a 12 month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. On average, equities research analysts expect that Cullinan Therapeutics will post -3.12 earnings per share for the current fiscal year.

Cullinan Therapeutics Company Profile

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.