Cullinan Therapeutics (NASDAQ:CGEM) Upgraded to "Hold" at Zacks Research

Key Points

• Cullinan Therapeutics has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, indicating a shift in analyst sentiment towards the stock.
• Despite the recent upgrade, the company's stock has seen significant fluctuation and currently trades at approximately $5.93, well below its 1-year high of $18.62.
• Analyst ratings show a consensus of "Moderate Buy" with a target price averaging around $26.00, reflecting a more favorable outlook compared to its current valuation.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the company. Morgan Stanley cut their price objective on Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating on the stock in a research report on Monday, August 18th. HC Wainwright reissued a "buy" rating and set a $24.00 target price on shares of Cullinan Therapeutics in a research note on Friday, September 12th. BTIG Research reaffirmed a "buy" rating and issued a $32.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Finally, Stifel Nicolaus began coverage on Cullinan Therapeutics in a research note on Wednesday, June 11th. They issued a "buy" rating and a $22.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Cullinan Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $26.00.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $5.93 on Tuesday. The company's 50-day simple moving average is $7.51 and its 200-day simple moving average is $7.89. Cullinan Therapeutics has a 1 year low of $5.89 and a 1 year high of $18.62. The stock has a market capitalization of $350.29 million, a PE ratio of -1.84 and a beta of -0.08.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). On average, sell-side analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CGEM. Tower Research Capital LLC TRC grew its position in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after buying an additional 2,523 shares during the last quarter. Rhumbline Advisers raised its position in Cullinan Therapeutics by 3.9% during the 2nd quarter. Rhumbline Advisers now owns 74,105 shares of the company's stock worth $558,000 after buying an additional 2,767 shares during the last quarter. Tema Etfs LLC raised its position in Cullinan Therapeutics by 9.0% during the 2nd quarter. Tema Etfs LLC now owns 42,692 shares of the company's stock worth $321,000 after buying an additional 3,528 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Cullinan Therapeutics by 22.3% in the 4th quarter. Two Sigma Advisers LP now owns 21,900 shares of the company's stock worth $267,000 after acquiring an additional 4,000 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Cullinan Therapeutics by 31.2% in the fourth quarter. ProShare Advisors LLC now owns 17,326 shares of the company's stock valued at $211,000 after acquiring an additional 4,124 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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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