Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has received an average rating of "Moderate Buy" from brokerages, with an average 12-month target price of $26.00.
• Major shareholder Lynx1 Capital Management recently purchased 626,043 shares, increasing its ownership by 8.19%, bringing its total holdings to approximately $55.4 million.
• Hedge funds have shown increasing interest, with several institutions boosting their positions in the company, contributing to 86.31% of the stock now being owned by institutional investors.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) has earned an average rating of "Moderate Buy" from the seven brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $26.00.

Several analysts have recently weighed in on CGEM shares. 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 reiterated a "buy" rating and issued a $24.00 target price on shares of Cullinan Therapeutics in a research report on Friday, September 12th. Zacks Research upgraded shares of Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, October 8th. Finally, BTIG Research reiterated a "buy" rating and issued a $32.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th.

Insider Buying and Selling

In other Cullinan Therapeutics news, major shareholder Lynx1 Capital Management Lp bought 626,043 shares of the firm's stock in a transaction that occurred on Thursday, October 9th. The shares were bought at an average price of $6.70 per share, for a total transaction of $4,194,488.10. Following the transaction, the insider directly owned 8,271,786 shares in the company, valued at $55,420,966.20. This trade represents a 8.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have acquired 1,459,641 shares of company stock valued at $9,829,099. 7.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after buying an additional 2,523 shares during the period. Rhumbline Advisers increased its position in shares of Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company's stock valued at $558,000 after buying an additional 2,767 shares during the period. Tema Etfs LLC increased its position in shares of Cullinan Therapeutics by 9.0% during the second quarter. Tema Etfs LLC now owns 42,692 shares of the company's stock valued at $321,000 after buying an additional 3,528 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Cullinan Therapeutics by 42.6% during the first quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company's stock valued at $107,000 after buying an additional 4,216 shares during the period. Finally, Brooklyn Investment Group purchased a new position in shares of Cullinan Therapeutics during the first quarter valued at about $34,000. Hedge funds and other institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $8.74 on Friday. The firm's fifty day moving average price is $6.97 and its 200-day moving average price is $7.62. The stock has a market cap of $516.27 million, a P/E ratio of -2.71 and a beta of -0.12. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $17.90.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.24). On average, analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

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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