Cullinan Therapeutics (NASDAQ:CGEM) Given "Buy" Rating at HC Wainwright

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 reissued by research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They currently have a $24.00 price objective on the stock. HC Wainwright's price target would indicate a potential upside of 262.54% from the company's current price.

A number of other research firms have also weighed in on CGEM. Stifel Nicolaus assumed coverage on shares of Cullinan Therapeutics in a report on Wednesday, June 11th. They set a "buy" rating and a $22.00 target price on the stock. BTIG Research reissued a "buy" rating and set a $32.00 target price on shares of Cullinan Therapeutics in a report on Wednesday. Finally, Morgan Stanley reduced their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating on the stock in a report on Monday, August 18th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Cullinan Therapeutics currently has an average rating of "Buy" and a consensus price target of $27.67.

Cullinan Therapeutics Price Performance

CGEM stock opened at $6.62 on Friday. The company has a 50 day simple moving average of $7.62 and a 200 day simple moving average of $7.96. The stock has a market cap of $391.04 million, a price-to-earnings ratio of -2.05 and a beta of -0.08. Cullinan Therapeutics has a 1 year low of $6.44 and a 1 year high of $18.62.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). On average, equities research analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently modified their holdings of CGEM. Brooklyn Investment Group acquired a new stake in shares of Cullinan Therapeutics during the first quarter worth $34,000. GAMMA Investing LLC increased its position in shares of Cullinan Therapeutics by 1,214.8% during the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock worth $53,000 after buying an additional 6,463 shares during the period. 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 worth $62,000 after buying an additional 2,523 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $84,000. Finally, Massar Capital Management LP acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $101,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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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