HC Wainwright Forecasts Strong Price Appreciation for Cullinan Therapeutics (NASDAQ:CGEM) Stock

Key Points

• HC Wainwright raised its target to $30 (from $27) and kept a "buy" rating, implying about a 135% upside
• Shares traded around $12.75 mid-day (market cap ~$772M) while the company posts negative earnings (trailing P/E -3.81) and is forecast to report about -2.94 EPS this year, highlighting a large gap between current price and analyst targets.
• Insiders sold 78,492 shares (~$1.11M) in the last quarter and now own 6.07% of the stock, while institutional investors hold about 86.31% after several funds materially increased positions.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its target price upped by equities researchers at HC Wainwright from $27.00 to $30.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 135.22% from the company's previous close.

Several other research firms also recently commented on CGEM. Citigroup started coverage on shares of Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a "buy" rating and a $33.00 price objective on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, February 8th. Wedbush raised their price target on shares of Cullinan Therapeutics from $34.00 to $36.00 and gave the company an "outperform" rating in a research report on Wednesday, March 11th. Finally, Guggenheim initiated coverage on shares of Cullinan Therapeutics in a report on Monday, February 2nd. They issued a "buy" rating and a $30.00 price objective for the company. Eight 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 stock. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $29.89.

Cullinan Therapeutics Trading Down 3.7%

Shares of CGEM stock traded down $0.50 during mid-day trading on Tuesday, reaching $12.75. The stock had a trading volume of 206,156 shares, compared to its average volume of 766,061. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $16.74. The firm has a market cap of $772.00 million, a price-to-earnings ratio of -3.81 and a beta of -0.12. The business's fifty day moving average is $14.21 and its 200-day moving average is $11.59.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its 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, analysts forecast that Cullinan Therapeutics will post -2.94 earnings per share for the current year.

Insider Activity

In other news, insider Jeffrey Alan Jones sold 4,582 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total transaction of $66,301.54. Following the completion of the sale, the insider owned 159,968 shares in the company, valued at $2,314,736.96. This trade represents a 2.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $15.68, for a total transaction of $125,440.00. Following the sale, the insider directly owned 170,844 shares in the company, valued at approximately $2,678,833.92. The trade was a 4.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 78,492 shares of company stock valued at $1,113,359 in the last quarter. Insiders own 6.07% of the company's stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Lynx1 Capital Management LP grew its holdings in shares of Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock worth $34,193,000 after purchasing an additional 1,365,248 shares during the period. Blue Owl Capital Holdings LP lifted its position in Cullinan Therapeutics by 5.2% in the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company's stock valued at $14,890,000 after buying an additional 125,000 shares during the last quarter. State Street Corp lifted its position in Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company's stock valued at $22,742,000 after buying an additional 520,024 shares during the last quarter. Affinity Asset Advisors LLC boosted its stake in Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after buying an additional 1,668,289 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Cullinan Therapeutics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company's stock worth $13,481,000 after buying an additional 6,942 shares during the period. Institutional investors and hedge funds own 86.31% of the company's stock.

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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