BTIG Research Reaffirms Buy Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Key Points

• BTIG Research reiterated its Buy rating on Cullinan Therapeutics and kept a $38 price target, implying about 155.6% upside from the prior close.
• Analyst sentiment is still mostly positive overall: the stock has seven Buy ratings, one Hold, and one Sell, with a consensus Moderate Buy and an average target price of $30.75.
• Cullinan Therapeutics reported a smaller-than-expected quarterly loss of ($0.75) EPS versus estimates of ($0.84), while the stock was trading around $14.87 and down 5.5% on the day.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating restated by analysts at BTIG Research in a report issued on Tuesday,Benzinga reports. They currently have a $38.00 target price on the stock. BTIG Research's price target indicates a potential upside of 155.55% from the stock's previous close.

CGEM has been the topic of a number of other research reports. Citigroup began coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a "buy" rating and a $33.00 price target on the stock. Zacks Research cut shares of Cullinan Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 19th. HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Guggenheim began coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They set a "buy" rating and a $30.00 price target on the stock. Finally, Wedbush raised their price target on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $30.75.

Cullinan Therapeutics Trading Down 5.5%

Shares of CGEM opened at $14.87 on Tuesday. The firm has a market cap of $913.91 million, a PE ratio of -4.43 and a beta of -0.09. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $16.74. The stock has a fifty day moving average price of $14.27 and a 200-day moving average price of $12.20.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, topping the consensus estimate of ($0.84) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics will post -3.07 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jacquelyn L. Sumer sold 3,742 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $50,966.04. Following the transaction, the insider owned 131,690 shares in the company, valued at approximately $1,793,617.80. This represents a 2.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nadim Ahmed sold 16,381 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $223,109.22. Following the transaction, the chief executive officer directly owned 404,318 shares of the company's stock, valued at $5,506,811.16. This represents a 3.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 86,076 shares of company stock valued at $1,225,314. 8.60% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Several large investors have recently made changes to their positions in CGEM. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Cullinan Therapeutics by 1.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company's stock worth $497,000 after purchasing an additional 888 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after purchasing an additional 1,036 shares during the period. AlphaCentric Advisors LLC boosted its holdings in Cullinan Therapeutics by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company's stock valued at $286,000 after purchasing an additional 1,094 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company's stock valued at $489,000 after purchasing an additional 1,255 shares during the last quarter. Finally, CWM LLC grew its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company's stock worth $40,000 after purchasing an additional 1,318 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.