Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock Has Consensus Price Target of $33.71 According to Brokerages

Key Points

• Analysts maintain a Moderate Buy consensus on Cullinan Therapeutics, with six buy ratings, one strong buy, one hold and one sell among nine brokerages. The average 12-month price target is $33.71.
• CGEM shares opened at $14.54, well below the consensus target, with a market capitalization of approximately $936 million and a 12-month trading range of $6.73 to $23.19.
• The company reported a quarterly loss of $0.81 per share, slightly missing the $0.80 consensus loss estimate, while institutional investors own approximately 86.31% of outstanding shares.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $33.71.

A number of equities analysts have commented on CGEM shares. Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday. Wedbush lifted their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, August 13th. BTIG Research reiterated a "buy" rating and issued a $40.00 price target on shares of Cullinan Therapeutics in a report on Monday, October 19th. HC Wainwright reissued a "buy" rating and issued a $35.00 price objective on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Finally, TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th.

Cullinan Therapeutics Trading Up 1.2%

Shares of CGEM opened at $14.54 on Tuesday. The firm has a fifty day moving average price of $18.39 and a 200-day moving average price of $15.69. The firm has a market capitalization of $935.79 million, a P/E ratio of -4.69 and a beta of -0.05. Cullinan Therapeutics has a 12-month low of $6.73 and a 12-month high of $23.19.

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

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total value of $172,560.00. Following the completion of the sale, the insider directly owned 158,844 shares in the company, valued at approximately $3,426,265.08. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $25,000. GAMMA Investing LLC lifted its stake in Cullinan Therapeutics by 38.3% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock worth $41,000 after acquiring an additional 738 shares during the period. Allworth Financial LP bought a new position in Cullinan Therapeutics during the 2nd quarter worth about $53,000. Quantbot Technologies LP bought a new position in Cullinan Therapeutics during the 2nd quarter worth about $53,000. Finally, Royal Bank of Canada grew its holdings in Cullinan Therapeutics by 160.6% during the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock worth $58,000 after acquiring an additional 2,492 shares in the last quarter. Hedge funds and other institutional investors 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. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.

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.