Cullinan Therapeutics (NASDAQ:CGEM) Stock Rating Reaffirmed as Buy by BTIG Research

Key Points

• BTIG Research reaffirmed a “Buy” rating on Cullinan Therapeutics and set a $40 price target, implying roughly 194% upside from the reported $13.59 close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $33.71, though ratings range from Strong Buy to Sell.
• Cullinan reported a quarterly loss of $0.81 per share, slightly missing estimates, while institutional investors own 86.31% of the company and insiders own 8.60%.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating restated by equities researchers at BTIG Research in a report released on Monday, Benzinga reports. They currently have a $40.00 price objective on the stock. BTIG Research's target price indicates a potential upside of 194.31% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Wall Street Zen upgraded shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, October 10th. Wedbush raised their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. Finally, HC Wainwright restated a "buy" rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $33.71.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM traded up $0.66 during mid-day trading on Monday, hitting $13.59. The company had a trading volume of 253,210 shares, compared to its average volume of 905,408. The business's 50-day simple moving average is $19.04 and its 200-day simple moving average is $16.85. Cullinan Therapeutics has a 12 month low of $6.73 and a 12 month high of $23.19. The firm has a market cap of $874.72 million, a P/E ratio of -4.38 and a beta of -0.05.

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

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the completion of the sale, the insider owned 158,844 shares of the company's stock, valued at approximately $3,426,265.08. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.60% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $95,289,000. Blue Owl Capital Holdings LP acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $28,039,000. Dimensional Fund Advisors LP increased its holdings in shares of Cullinan Therapeutics by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company's stock valued at $12,870,000 after purchasing an additional 57,259 shares in the last quarter. Boone Capital Management LLC acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $12,828,000. Finally, Elmind Capital LP acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $12,564,900. Institutional investors and hedge funds 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 and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan's pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.