Cullinan Therapeutics (NASDAQ:CGEM) Given Buy Rating at BTIG Research

Key Points

• BTIG Research has reiterated a buy rating for Cullinan Therapeutics (NASDAQ:CGEM) with a target price of $32.00, indicating a potential upside of approximately 394.59% from the current stock price.
• Cullinan Therapeutics’ shares recently dropped by 5.3%, currently trading around $6.47, with the company having an average buy rating from multiple analysts and a market cap of $382.18 million.
• Despite a notable loss per share in its last earnings report, institutional investors control 86.31% of the company's stock, suggesting strong support from large stakeholders.

BTIG Research restated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM - Free Report) in a research note published on Wednesday,Benzinga reports. They currently have a $32.00 price objective on the stock.

CGEM has been the topic of a number of other research reports. Morgan Stanley lowered their price objective on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating on the stock in a research report on Monday, August 18th. HC Wainwright began coverage on shares of Cullinan Therapeutics in a research report on Thursday, August 21st. They set a "buy" rating and a $24.00 price objective on the stock. Finally, Stifel Nicolaus began coverage on shares of Cullinan Therapeutics in a research report on Wednesday, June 11th. They set a "buy" rating and a $22.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $27.67.

Cullinan Therapeutics Stock Up 1.4%

Shares of NASDAQ CGEM traded up $0.09 during midday trading on Wednesday, hitting $6.44. The stock had a trading volume of 224,502 shares, compared to its average volume of 435,878. The business's 50 day moving average is $7.57 and its 200-day moving average is $7.92. The company has a market cap of $380.29 million, a P/E ratio of -1.99 and a beta of -0.08. Cullinan Therapeutics has a 52 week low of $6.24 and a 52 week high of $18.62.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). As a group, analysts expect that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CGEM. Brooklyn Investment Group purchased a new position in shares of Cullinan Therapeutics during the 1st quarter worth about $34,000. GAMMA Investing LLC increased its stake in Cullinan Therapeutics by 1,214.8% during the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after purchasing an additional 6,463 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after purchasing an additional 2,523 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Cullinan Therapeutics during the 2nd quarter valued at approximately $84,000. Finally, Massar Capital Management LP acquired a new position in Cullinan Therapeutics during the 2nd quarter valued at approximately $101,000. 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.