Cullinan Therapeutics (NASDAQ:CGEM) Upgraded to Strong-Buy at TD Cowen

Key Points

• TD Cowen upgraded Cullinan Therapeutics to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $32.86.
• CGEM shares opened at $21.82, near their 12-month high of $22.54, and have risen above both their 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.81 per share, slightly worse than the $0.80 consensus estimate; insiders own 8.6% of shares, while institutional investors hold 86.31%.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was upgraded by equities researchers at TD Cowen to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Several other research analysts have also commented on the stock. HC Wainwright reissued a "buy" rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Wall Street Zen lowered shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. BTIG Research raised their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Wedbush boosted 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. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.86.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $21.82 on Monday. The business has a 50-day moving average of $18.05 and a 200 day moving average of $15.48. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $22.54. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.04 and a beta of 0.01.

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). Equities research analysts anticipate that Cullinan Therapeutics will post -3.07 earnings per share for the current year.

Insider Activity

In other 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 transaction of $607,800.00. Following the completion of the transaction, the insider directly owned 162,844 shares of the company's stock, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.60% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in CGEM. BlackRock Inc. purchased a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $95,289,000. Affinity Asset Advisors LLC lifted its position in shares of Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after purchasing an additional 1,668,289 shares during the last quarter. Blue Owl Capital Holdings LP purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $28,039,000. Lynx1 Capital Management LP grew its stake in shares of Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock worth $34,193,000 after purchasing an additional 1,365,248 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter worth $12,803,000. 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.

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