Cullinan Therapeutics (NASDAQ:CGEM) Earns Buy Rating from HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $33.00 price objective on the stock. HC Wainwright's target price would indicate a potential upside of 307.41% from the company's current price.

Separately, Morgan Stanley reiterated an "overweight" rating and set a $35.00 price objective (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $34.80.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM traded up $0.21 during midday trading on Wednesday, reaching $8.10. The company's stock had a trading volume of 342,088 shares, compared to its average volume of 646,887. The firm has a 50 day moving average price of $8.36 and a two-hundred day moving average price of $11.45. Cullinan Therapeutics has a fifty-two week low of $6.85 and a fifty-two week high of $30.19. The firm has a market capitalization of $473.96 million, a price-to-earnings ratio of -2.85 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.75) by $0.02. As a group, research analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 12,529 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the sale, the chief executive officer now directly owns 430,621 shares of the company's stock, valued at approximately $3,673,197.13. This trade represents a 2.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the transaction, the insider now directly owns 174,164 shares in the company, valued at approximately $1,485,618.92. This represents a 2.73 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.07% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in Cullinan Therapeutics by 2,898.5% in the third quarter. FMR LLC now owns 20,360 shares of the company's stock worth $341,000 after buying an additional 19,681 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cullinan Therapeutics by 3.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company's stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. State Street Corp lifted its stake in shares of Cullinan Therapeutics by 20.4% during the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company's stock valued at $39,125,000 after buying an additional 396,034 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Cullinan Therapeutics by 47.1% in the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company's stock valued at $1,775,000 after purchasing an additional 33,927 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Cullinan Therapeutics by 26.0% in the third quarter. Barclays PLC now owns 248,614 shares of the company's stock worth $4,161,000 after buying an additional 51,300 shares in the last quarter. 86.31% of the stock is 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.