Morgan Stanley Has Lowered Expectations for Cullinan Therapeutics (NASDAQ:CGEM) Stock Price

Key Points

• Morgan Stanley has lowered its price target for Cullinan Therapeutics (NASDAQ:CGEM) from $35.00 to $28.00 while maintaining an "overweight" rating, suggesting a potential upside of 263.40% from the company's previous close.
• Cullinan Therapeutics stock recently traded at $7.71, with analysts expecting a loss of $3.04 earnings per share for the current year, following a quarterly report that missed consensus estimates.
• Institutional investors own 86.31% of Cullinan Therapeutics' stock, indicating strong institutional confidence in the company amid recent ratings from multiple analysts.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its price target dropped by equities research analysts at Morgan Stanley from $35.00 to $28.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 263.40% from the company's previous close.

Several other research analysts have also weighed in on CGEM. Stifel Nicolaus started coverage on Cullinan Therapeutics in a research report on Wednesday, June 11th. They issued a "buy" rating and a $22.00 target price on the stock. UBS Group decreased their price objective on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $28.60.

Cullinan Therapeutics Stock Up 0.6%

Cullinan Therapeutics stock traded up $0.05 during mid-day trading on Monday, hitting $7.71. The company's stock had a trading volume of 22,840 shares, compared to its average volume of 419,210. The stock has a market capitalization of $455.13 million, a P/E ratio of -2.39 and a beta of -0.08. Cullinan Therapeutics has a twelve month low of $6.85 and a twelve month high of $19.89. The stock's fifty day moving average price is $7.91 and its two-hundred day moving average price is $8.24.

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

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in CGEM. Brooklyn Investment Group acquired a new position in shares of Cullinan Therapeutics during the first quarter valued at about $34,000. GAMMA Investing LLC raised its position in shares of Cullinan Therapeutics by 1,214.8% during the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after buying an additional 6,463 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Cullinan Therapeutics by 44.6% during the second 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. Virtus ETF Advisers LLC raised its position in shares of Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after buying an additional 1,600 shares during the last quarter. Finally, Aquatic Capital Management LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter valued at about $77,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.