Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Expected to Rise, BTIG Research Analyst Says

Key Points

• BTIG Research raised Cullinan Therapeutics’ price target from $40 to $41 and maintained a “buy” rating, implying approximately 176% upside from the $14.84 opening price.
• Analyst sentiment is generally positive, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $33.86, despite some sell and hold ratings.
• Cullinan reported a quarterly loss of $0.81 per share, slightly below the $0.80 consensus estimate. An insider also sold 30,000 shares for about $607,800, while institutional investors own 86.31% of the stock.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its price objective lifted by equities research analysts at BTIG Research from $40.00 to $41.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price objective points to a potential upside of 176.28% from the stock's current price.

A number of other brokerages have also commented on CGEM. TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a report on Monday, August 24th. Wedbush boosted their target price on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday. HC Wainwright reiterated a "buy" rating and issued a $35.00 price objective on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.86.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $14.84 on Wednesday. The firm's fifty day moving average price is $18.28 and its two-hundred day moving average price is $15.70. The company has a market cap of $955.03 million, a P/E ratio of -4.79 and a beta of -0.05. Cullinan Therapeutics has a one year low of $6.73 and a one year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). As a group, equities research analysts expect that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 30,000 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares of the company's stock, valued at $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.60% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CGEM. Integrated Wealth Concepts LLC bought a new position in Cullinan Therapeutics in the second quarter valued at approximately $25,000. GAMMA Investing LLC raised its holdings in shares of Cullinan Therapeutics by 38.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock worth $41,000 after buying an additional 738 shares in the last quarter. Allworth Financial LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $53,000. Quantbot Technologies LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $53,000. Finally, Royal Bank of Canada raised its stake in Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock worth $58,000 after acquiring an additional 2,492 shares in the last quarter. Institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.

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