HC Wainwright Reaffirms Buy Rating for Cullinan Therapeutics (NASDAQ:CGEM)

Key Points

• HC Wainwright reaffirmed a Buy rating on Cullinan Therapeutics with a $30 price target, implying 47.49% upside from the prior close.
• Analyst sentiment remains broadly positive, with six Buy, one Hold, and one Sell rating; MarketBeat reports a “Moderate Buy” consensus and an average target of $32.86.
• Cullinan reported a quarterly loss of $0.81 per share, slightly below the $0.80 consensus estimate, while shares opened at $20.34 and recently traded near their 12-month high of $21.00.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report)'s stock had its "buy" rating reaffirmed by HC Wainwright in a research note issued on Monday,Benzinga reports. They presently have a $30.00 target price on the stock. HC Wainwright's price objective would suggest a potential upside of 47.49% from the company's previous close.

Several other analysts have also recently commented on CGEM. Wall Street Zen cut Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Wedbush upped their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday. BTIG Research boosted their price objective on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.86.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $20.34 on Monday. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $21.00. The stock has a market capitalization of $1.31 billion, a PE ratio of -6.56 and a beta of 0.01. The firm has a 50 day simple moving average of $17.05 and a 200-day simple moving average of $15.10.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.60% of the company's stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of CGEM. Caitong International Asset Management Co. Ltd raised its holdings in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after buying an additional 1,036 shares in the last quarter. Allworth Financial LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth about $53,000. Quantbot Technologies LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $53,000. Seven Fleet Capital Management LP acquired a new position in shares of Cullinan Therapeutics during the 4th quarter valued at about $31,000. Finally, CWM LLC increased its holdings in shares of Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company's stock valued at $40,000 after acquiring an additional 1,318 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

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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