Cullinan Therapeutics' (CGEM) "Buy" Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research reiterated a "Buy" on Cullinan Therapeutics and set a price target of $38.00, implying roughly a 196.64% upside from current levels.
• Consensus among analysts is a Moderate Buy (8 Buys, 1 Hold, 1 Sell) with an average price target of $29.89.
• Shares trade around $12.81 (market cap ≈ $775M); the company reported a recent quarterly EPS of -$0.77 (beating estimates), while insiders sold ~78,492 shares last quarter (insiders own ~6.07%) and institutional ownership is ~86.31%.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at BTIG Research in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $38.00 price objective on the stock. BTIG Research's target price would suggest a potential upside of 196.64% from the stock's current price.

Several other research analysts also recently weighed in on the company. Zacks Research downgraded Cullinan Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 19th. Wall Street Zen downgraded Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, February 8th. HC Wainwright increased their price target on Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday. Morgan Stanley reiterated an "overweight" rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, January 8th. Finally, Guggenheim assumed coverage on Cullinan Therapeutics in a research note on Monday, February 2nd. They set a "buy" rating and a $30.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.89.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $12.81 on Tuesday. The company has a market capitalization of $775.39 million, a PE ratio of -3.82 and a beta of -0.12. The business has a fifty day moving average price of $14.22 and a two-hundred day moving average price of $11.63. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.80) by $0.03. Sell-side analysts anticipate that Cullinan Therapeutics will post -2.94 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, CFO Mary Kay Fenton sold 4,398 shares of the firm's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $59,900.76. Following the sale, the chief financial officer owned 126,380 shares of the company's stock, valued at $1,721,295.60. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeffrey Alan Jones sold 4,582 shares of the firm's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $66,301.54. Following the completion of the sale, the insider directly owned 159,968 shares in the company, valued at approximately $2,314,736.96. The trade was a 2.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 78,492 shares of company stock worth $1,113,359. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Cullinan Therapeutics in the 1st quarter worth approximately $1,356,000. Leonteq Securities AG bought a new stake in shares of Cullinan Therapeutics in the 1st quarter worth approximately $142,000. Caitong International Asset Management Co. Ltd grew its position in shares of Cullinan Therapeutics by 181.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,680 shares of the company's stock worth $48,000 after buying an additional 3,020 shares during the last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $31,000. Finally, Invesco Ltd. boosted its position in shares of Cullinan Therapeutics by 27.4% during the fourth quarter. Invesco Ltd. now owns 130,323 shares of the company's stock valued at $1,349,000 after purchasing an additional 28,011 shares in the last quarter. 86.31% of the stock is currently owned by 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.

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