Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Expected to Rise, Wedbush Analyst Says

Key Points

• Wedbush raised its price target on Cullinan Therapeutics to $36 (from $34) with an "outperform" rating, implying a potential upside of about 141.45% from the current share price.
• Analyst consensus is a "Moderate Buy" with an average target of $29.56—eight analysts rate the stock a Buy, one a Hold and one a Sell—while the shares trade near $14.91 with a market cap around $881 million.
• Insiders have been net sellers recently (107,912 shares sold in the last three months), leaving insiders with about 6.07% ownership of the company.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its price target raised by investment analysts at Wedbush from $34.00 to $36.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price target would indicate a potential upside of 141.45% from the company's current price.

A number of other brokerages have also weighed in on CGEM. HC Wainwright lifted their price target on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, January 8th. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research report on Thursday, November 20th. BTIG Research boosted their price target on Cullinan Therapeutics from $32.00 to $38.00 and gave the company a "buy" rating in a research report on Monday, November 24th. Guggenheim assumed coverage on Cullinan Therapeutics in a research note on Monday, February 2nd. They set a "buy" rating and a $30.00 price target for the company. Finally, Zacks Research downgraded Cullinan Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 19th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $29.56.

Cullinan Therapeutics Stock Down 2.6%

Shares of Cullinan Therapeutics stock opened at $14.91 on Wednesday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $16.74. The business's fifty day moving average is $12.48 and its two-hundred day moving average is $9.82. The firm has a market cap of $880.88 million, a PE ratio of -4.50 and a beta of -0.15.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Tuesday, March 10th. The company reported ($0.77) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.03. Equities research analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 16,381 shares of Cullinan Therapeutics stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $223,109.22. Following the completion of the transaction, the chief executive officer owned 404,318 shares of the company's stock, valued at $5,506,811.16. The trade was a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jennifer Michaelson sold 11,742 shares of the firm's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $14.08, for a total transaction of $165,327.36. Following the completion of the transaction, the insider owned 181,977 shares in the company, valued at approximately $2,562,236.16. The trade was a 6.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 107,912 shares of company stock worth $1,420,241. 6.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the business. Affinity Asset Advisors LLC lifted its holdings in shares of Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after purchasing an additional 1,668,289 shares during the last quarter. Lynx1 Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics during the fourth quarter worth about $12,803,000. State Street Corp grew its position in shares of Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company's stock worth $22,742,000 after acquiring an additional 520,024 shares during the last quarter. Finally, Caption Management LLC increased its holdings in shares of Cullinan Therapeutics by 107.0% in the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company's stock worth $168,000 after acquiring an additional 435,062 shares during the period. 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.

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