HC Wainwright Reiterates Buy Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Key Points

• HC Wainwright has reissued a "buy" rating for Cullinan Therapeutics (NASDAQ:CGEM) with a price target of $24.00, suggesting a potential upside of 262.54%.
• The company's stock has an average consensus rating of "Buy" and a target price of $27.67 among analysts, indicating positive market sentiment.
• Institutional investors currently own 86.31% of Cullinan Therapeutics stock, reflecting strong institutional confidence in the company.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a research report issued on Friday,Benzinga reports. They currently have a $24.00 price objective on the stock. HC Wainwright's price objective suggests a potential upside of 283.14% from the company's previous close.

CGEM has been the topic of several other reports. BTIG Research reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 10th. Morgan Stanley reduced their price objective on Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating on the stock in a research note on Monday, August 18th. Finally, Stifel Nicolaus began coverage on Cullinan Therapeutics in a research note on Wednesday, June 11th. They set a "buy" rating and a $22.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cullinan Therapeutics presently has an average rating of "Buy" and a consensus target price of $27.67.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM traded down $0.03 during mid-day trading on Friday, reaching $6.26. The company had a trading volume of 129,957 shares, compared to its average volume of 435,406. Cullinan Therapeutics has a one year low of $6.13 and a one year high of $18.62. The firm has a market cap of $370.01 million, a price-to-earnings ratio of -1.94 and a beta of -0.08. The business's 50-day simple moving average is $7.55 and its 200 day simple moving average is $7.91.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released 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, sell-side analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current year.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Cullinan Therapeutics by 6.4% during the fourth quarter. Northern Trust Corp now owns 500,908 shares of the company's stock valued at $6,101,000 after buying an additional 30,023 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Cullinan Therapeutics by 20.8% during the fourth quarter. Ameriprise Financial Inc. now owns 504,264 shares of the company's stock worth $6,142,000 after buying an additional 86,756 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Cullinan Therapeutics in the fourth quarter worth $1,401,000. Deutsche Bank AG lifted its position in shares of Cullinan Therapeutics by 3.4% during the 4th quarter. Deutsche Bank AG now owns 580,136 shares of the company's stock valued at $7,066,000 after buying an additional 19,263 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Cullinan Therapeutics by 5.8% during the 4th quarter. Millennium Management LLC now owns 833,962 shares of the company's stock valued at $10,158,000 after buying an additional 45,395 shares during the last quarter. Institutional investors own 86.31% of the company's stock.

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.