Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $39.00

Key Points

• BTIG Research raised Cullinan Therapeutics’ price target to $39 from $38 and maintained a “buy” rating, implying 123.24% upside from the prior close.
• Analyst sentiment is generally positive but mixed: six analysts rate the stock a Buy, one a Hold and one a Sell, resulting in a “Moderate Buy” consensus and an average target of $32.14.
• Shares opened at $17.47, while the company reported a quarterly loss of $0.75 per share—better than the $0.84 analyst consensus. Institutional investors own 86.31% of the stock, and an insider recently sold 8,000 shares.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its target price increased by equities research analysts at BTIG Research from $38.00 to $39.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's price target indicates a potential upside of 123.24% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wedbush reiterated an "outperform" rating and issued a $37.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. HC Wainwright reiterated a "buy" rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Finally, Wall Street Zen raised Cullinan Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.14.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $17.47 on Wednesday. Cullinan Therapeutics has a 52-week low of $5.68 and a 52-week high of $19.43. The firm has a market capitalization of $1.07 billion, a PE ratio of -5.20 and a beta of -0.01. The company's fifty day moving average price is $16.20 and its two-hundred day moving average price is $14.46.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping analysts' consensus estimates of ($0.84) by $0.09. Analysts predict that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $17.82, for a total transaction of $142,560.00. Following the transaction, the insider directly owned 162,844 shares in the company, valued at approximately $2,901,880.08. This represents a 4.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.60% of the company's stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CGEM. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after purchasing an additional 1,036 shares during the period. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics in the fourth quarter valued at about $31,000. CWM LLC lifted its stake in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company's stock valued at $40,000 after buying an additional 1,318 shares during the period. Signaturefd LLC boosted its holdings in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company's stock worth $43,000 after buying an additional 3,607 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock worth $58,000 after buying an additional 2,492 shares during 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.

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