Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 11.4% - Here's What Happened

Key Points

• Cullinan Therapeutics' stock surged 11.4% to $8.62, with trading volume increasing by 74% compared to its average daily volume.
• The company reported a loss of ($1.07) earnings per share, missing analysts' expectations, and is projected to post -3.04 EPS for the current fiscal year.
• In recent insider transactions, major shareholder Lynx1 Capital Management acquired 277,298 shares, increasing their total ownership to approximately 8.5 million shares valued at about $62.9 million.

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) rose 11.4% on Wednesday . The stock traded as high as $8.57 and last traded at $8.62. Approximately 915,444 shares traded hands during mid-day trading, an increase of 74% from the average daily volume of 526,782 shares. The stock had previously closed at $7.74.

Analyst Ratings Changes

Several brokerages recently weighed in on CGEM. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. Morgan Stanley dropped their price target on Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a research report on Monday, August 18th. HC Wainwright restated a "buy" rating and issued a $24.00 price target on shares of Cullinan Therapeutics in a research report on Friday, September 12th. Zacks Research upgraded Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Finally, BTIG Research restated a "buy" rating and issued a $32.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Five investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.

Cullinan Therapeutics Stock Performance

The stock has a market cap of $509.77 million, a PE ratio of -2.67 and a beta of -0.12. The business has a 50-day moving average of $6.92 and a 200 day moving average of $7.60.

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

Insider Transactions at Cullinan Therapeutics

In other news, major shareholder Lynx1 Capital Management Lp acquired 277,298 shares of Cullinan Therapeutics stock in a transaction dated Friday, October 10th. The shares were acquired at an average cost of $7.36 per share, with a total value of $2,040,913.28. Following the purchase, the insider directly owned 8,549,084 shares of the company's stock, valued at approximately $62,921,258.24. This trade represents a 3.35% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders bought 1,459,641 shares of company stock valued at $9,829,099. 6.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Cullinan Therapeutics in the 1st quarter valued at about $34,000. GAMMA Investing LLC lifted its position in Cullinan Therapeutics by 1,214.8% during the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock worth $53,000 after acquiring an additional 6,463 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock worth $62,000 after acquiring an additional 2,523 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Cullinan Therapeutics during the 2nd quarter worth approximately $84,000. Finally, Massar Capital Management LP acquired a new position in Cullinan Therapeutics during the 2nd quarter worth approximately $101,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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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