Cullinan Therapeutics (NASDAQ:CGEM) Trading 8.5% Higher - Here's Why

Key Points

• Shares jumped 8.5% intraday to as high as $15.90 on Monday, with mid-day volume of 259,302 shares (about 66% below the average), and the stock trades above its 50- and 200-day moving averages with a market cap of roughly $940 million.
• Analyst sentiment is broadly positive — eight Buys, one Hold and one Sell — giving an average rating of "Moderate Buy" and an average price target of $29.89 (notable recent targets: BTIG $38, Wedbush $36, Citigroup $33).
• Cullinan reported a Q1 EPS of ($0.77), slightly beating estimates, and continues to advance a clinical oncology pipeline led by Phase I asset CLN-619; however, insiders have been net sellers (78,492 shares sold in the last 90 days) while institutions own about 86% of the stock.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s share price traded up 8.5% on Monday . The stock traded as high as $15.90 and last traded at $14.5720. 259,302 shares were traded during mid-day trading, a decline of 66% from the average session volume of 755,429 shares. The stock had previously closed at $13.43.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. BTIG Research reissued a "buy" rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. Wedbush boosted their price objective on shares of Cullinan Therapeutics from $34.00 to $36.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 11th. Citigroup assumed coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They issued a "buy" rating and a $33.00 price objective on the stock. Finally, Wall Street Zen cut shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, February 8th. 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 company's stock. According to MarketBeat, Cullinan Therapeutics has an average rating of "Moderate Buy" and an average target price of $29.89.

Cullinan Therapeutics Stock Up 13.9%

The firm has a market cap of $939.88 million, a P/E ratio of -4.61 and a beta of -0.09. The stock's 50-day simple moving average is $14.22 and its 200 day simple moving average is $11.70.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings results on Tuesday, March 10th. The company reported ($0.77) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.03. On average, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, CFO Mary Kay Fenton sold 4,398 shares of the company's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the sale, the chief financial officer owned 126,380 shares of the company's stock, valued at approximately $1,721,295.60. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 13,515 shares of the company's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $195,562.05. Following the sale, the chief executive officer directly owned 390,803 shares in the company, valued at $5,654,919.41. This trade represents a 3.34% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 78,492 shares of company stock valued at $1,113,359. 6.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently made changes to their positions in CGEM. Affinity Asset Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock valued at $19,997,000 after purchasing an additional 1,668,289 shares during the period. Lynx1 Capital Management LP raised 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 purchasing an additional 1,365,248 shares during the period. Boothbay Fund Management LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter valued at about $12,803,000. State Street Corp raised its holdings 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 valued at $22,742,000 after purchasing an additional 520,024 shares during the period. Finally, Caption Management LLC raised its holdings in shares of Cullinan Therapeutics by 107.0% during the third quarter. Caption Management LLC now owns 28,389 shares of the company's stock valued at $168,000 after purchasing an additional 435,062 shares during the period. Institutional investors and hedge funds 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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