Cullinan Therapeutics (NASDAQ:CGEM) Stock Gets Price Target Increase from Wedbush

Key Points

• Wedbush raised its price target on Cullinan Therapeutics from $42 to $44 and maintained an “outperform” rating, implying 291.81% upside from the prior close.
• Analyst sentiment is mixed but leans positive: MarketBeat reports an overall “Moderate Buy” consensus and an average price target of $34.14, while some firms have issued sell ratings.
• Cullinan reported a quarterly loss of $0.74 per share, narrower than analysts’ estimate of a $0.84 loss; its shares opened down 4.3% at $11.23 on Wednesday.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its target price raised by equities researchers at Wedbush from $42.00 to $44.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price objective points to a potential upside of 291.81% from the company's previous close.

CGEM has been the topic of a number of other reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. HC Wainwright reiterated a "buy" rating and issued a $35.00 target price on shares of Cullinan Therapeutics in a report on Friday, October 2nd. BTIG Research lifted their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday, October 28th. Wall Street Zen lowered Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, October 24th. Finally, TD Cowen upgraded Cullinan Therapeutics to a "strong-buy" rating in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $34.14.

Cullinan Therapeutics Stock Down 4.3%

CGEM opened at $11.23 on Wednesday. Cullinan Therapeutics has a twelve month low of $7.25 and a twelve month high of $23.19. The company has a fifty day moving average of $16.56 and a 200-day moving average of $15.82. The stock has a market cap of $722.76 million, a PE ratio of -3.62 and a beta of -0.03.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Tuesday, November 10th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.10. Sell-side analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company's stock, valued at $3,299,219.44. This represents a 15.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 42,000 shares of company stock worth $829,800. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CGEM. GAMMA Investing LLC grew its stake in Cullinan Therapeutics by 38.3% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock valued at $41,000 after acquiring an additional 738 shares during the period. AlphaCentric Advisors LLC raised its position in shares of Cullinan Therapeutics by 4.2% during the third quarter. AlphaCentric Advisors LLC now owns 21,278 shares of the company's stock worth $327,000 after purchasing an additional 852 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Cullinan Therapeutics in the 2nd quarter worth $25,000. Allworth Financial LP lifted its holdings in shares of Cullinan Therapeutics by 152.4% in the 2nd quarter. Allworth Financial LP now owns 2,893 shares of the company's stock worth $53,000 after purchasing an additional 1,747 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Cullinan Therapeutics by 20.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the company's stock worth $179,000 after purchasing an additional 1,961 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.

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