Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 52-Week High - Still a Buy?

Key Points

• Cullinan Therapeutics shares rose 7.2% to a new 52-week high of $19.53, substantially above their 50-day and 200-day moving averages. The company has a $1.26 billion market capitalization but remains unprofitable, with a negative P/E ratio.
• Analyst sentiment is broadly positive: six analysts rate the stock a Buy, one rates it Hold and one rates it Sell. The average rating is “Moderate Buy,” with an average price target of $32.14, although recent ratings have been mixed.
• The company slightly missed quarterly earnings expectations, reporting an adjusted loss of $0.81 per share versus the anticipated $0.80 loss. Cullinan is developing several early-stage oncology therapies, while institutional investors own 86.31% of its shares.

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $19.53 and last traded at $19.44, with a volume of 356083 shares trading hands. The stock had previously closed at $18.28.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BTIG Research boosted their target price on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. 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 reissued a "buy" rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wall Street Zen lowered Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $32.14.

Cullinan Therapeutics Stock Up 7.2%

The company's 50 day moving average price is $16.63 and its two-hundred day moving average price is $14.88. The firm has a market cap of $1.26 billion, a PE ratio of -6.31 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, analysts expect that Cullinan Therapeutics, Inc. will post -3 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $17.82, for a total transaction of $142,560.00. Following the completion of the transaction, the insider owned 162,844 shares in the company, valued at $2,901,880.08. The trade was a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new position in Cullinan Therapeutics in the 1st quarter valued at $163,000. Jane Street Group LLC lifted its position in shares of Cullinan Therapeutics by 145.9% during the first quarter. Jane Street Group LLC now owns 34,396 shares of the company's stock worth $260,000 after purchasing an additional 109,413 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Cullinan Therapeutics during the first quarter valued at $618,000. Creative Planning boosted its stake in shares of Cullinan Therapeutics by 222.2% during the second quarter. Creative Planning now owns 41,723 shares of the company's stock valued at $314,000 after purchasing an additional 28,773 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Cullinan Therapeutics by 122.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company's stock worth $731,000 after buying an additional 53,522 shares during the period. 86.31% of the stock is owned by institutional investors.

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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