Cullinan Therapeutics (NASDAQ:CGEM) Receives "Buy" Rating from BTIG Research

Key Points

• BTIG Research reissued a "buy" rating and set a $38.00 price target for Cullinan Therapeutics, implying a potential upside of 182.95%; the consensus from analysts is a "Moderate Buy" with an average target of $29.89 (eight Buys, one Hold, one Sell).
• CGEM opened at $13.43, trades in a 52‑week range of $5.68–$16.74, has a market cap of about $825.3 million and a negative trailing P/E of -4.01.
• Insiders sold 78,492 shares valued at roughly $1.11 million over the last 90 days (insider ownership ~6.07%), while institutional investors own approximately 86.31% of the company.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating reissued by BTIG Research in a research report issued on Monday,Benzinga reports. They presently have a $38.00 price objective on the stock. BTIG Research's target price would suggest a potential upside of 182.95% from the company's previous close.

CGEM has been the subject of several other research reports. Citigroup began coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They issued a "buy" rating and a $33.00 price target for the company. Wedbush boosted their price objective on Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 11th. HC Wainwright boosted their price objective on Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Zacks Research lowered Cullinan Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 19th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, January 8th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.89.

Cullinan Therapeutics Price Performance

Shares of CGEM stock opened at $13.43 on Monday. Cullinan Therapeutics has a 52-week low of $5.68 and a 52-week high of $16.74. The business has a 50-day simple moving average of $14.22 and a 200-day simple moving average of $11.70. The stock has a market cap of $825.27 million, a PE ratio of -4.01 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Tuesday, March 10th. The company reported ($0.77) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.03. Sell-side analysts anticipate that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 11,742 shares of the company's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $14.08, for a total transaction of $165,327.36. Following the transaction, the insider directly owned 181,977 shares in the company, valued at $2,562,236.16. This represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Alan Jones sold 4,982 shares of the firm's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $67,854.84. Following the completion of the sale, the insider owned 164,550 shares in the company, valued at approximately $2,241,171. This represents a 2.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 78,492 shares of company stock valued at $1,113,359 over the last ninety days. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cullinan Therapeutics during the 1st quarter valued at approximately $1,356,000. Leonteq Securities AG acquired a new position in Cullinan Therapeutics in the first quarter valued at $142,000. Caitong International Asset Management Co. Ltd increased its stake in Cullinan Therapeutics by 181.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,680 shares of the company's stock valued at $48,000 after purchasing an additional 3,020 shares during the last quarter. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics in the fourth quarter valued at $31,000. Finally, Invesco Ltd. increased its holdings in shares of Cullinan Therapeutics by 27.4% during the 4th quarter. Invesco Ltd. now owns 130,323 shares of the company's stock worth $1,349,000 after buying an additional 28,011 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.