Cullinan Therapeutics (NASDAQ:CGEM) Coverage Initiated at Stifel Nicolaus

Investment analysts at Stifel Nicolaus started coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $22.00 price target on the stock. Stifel Nicolaus' price objective points to a potential upside of 155.52% from the stock's current price.

CGEM has been the topic of several other reports. UBS Group decreased their price objective on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. HC Wainwright restated a "buy" rating and issued a $33.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics presently has an average rating of "Buy" and an average target price of $30.00.

Cullinan Therapeutics Trading Down 3.8%

Shares of Cullinan Therapeutics stock traded down $0.34 on Wednesday, reaching $8.61. The stock had a trading volume of 264,276 shares, compared to its average volume of 559,684. Cullinan Therapeutics has a 1 year low of $6.85 and a 1 year high of $21.01. The company has a market cap of $508.12 million, a P/E ratio of -3.03 and a beta of -0.04. The business's 50 day moving average is $8.10 and its two-hundred day moving average is $9.47.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.78) by $0.04. On average, equities analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. lifted its stake in Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock worth $46,000 after acquiring an additional 1,525 shares during the period. Brooklyn Investment Group purchased a new stake in Cullinan Therapeutics in the first quarter worth $34,000. Virtus ETF Advisers LLC lifted its stake in Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after acquiring an additional 1,600 shares during the period. Aquatic Capital Management LLC purchased a new stake in Cullinan Therapeutics in the fourth quarter worth $77,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Cullinan Therapeutics in the fourth quarter worth $83,000. Hedge funds and other institutional investors own 86.31% of the company's stock.

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.