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

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.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating restated by analysts at BTIG Research in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $32.00 price objective on the stock. BTIG Research's price objective would suggest a potential upside of 394.59% from the company's previous close.

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

Cullinan Therapeutics Stock Down 5.3%

Shares of NASDAQ:CGEM opened at $6.47 on Wednesday. The company's fifty day moving average is $7.64 and its two-hundred day moving average is $7.97. Cullinan Therapeutics has a 12-month low of $6.44 and a 12-month high of $18.62. The company has a market cap of $382.18 million, a P/E ratio of -2.00 and a beta of -0.08.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced 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). Equities research analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 44.6% in the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock worth $62,000 after purchasing an additional 2,523 shares in the last quarter. Rhumbline Advisers boosted its holdings in Cullinan Therapeutics by 3.9% in the second quarter. Rhumbline Advisers now owns 74,105 shares of the company's stock worth $558,000 after purchasing an additional 2,767 shares in the last quarter. Tema Etfs LLC boosted its holdings in Cullinan Therapeutics by 9.0% in the second quarter. Tema Etfs LLC now owns 42,692 shares of the company's stock worth $321,000 after purchasing an additional 3,528 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cullinan Therapeutics by 15.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,493 shares of the company's stock worth $360,000 after purchasing an additional 3,924 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in Cullinan Therapeutics by 22.3% in the fourth quarter. Two Sigma Advisers LP now owns 21,900 shares of the company's stock worth $267,000 after purchasing an additional 4,000 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Company Profile

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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