Cullinan Therapeutics (NASDAQ:CGEM) Price Target Cut to $28.00 by Analysts at Morgan Stanley

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 - Free Report) had its price target decreased by Morgan Stanley from $35.00 to $28.00 in a research report released on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research firms also recently commented on CGEM. UBS Group cut their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Stifel Nicolaus initiated coverage on Cullinan Therapeutics in a research report on Wednesday, June 11th. They set a "buy" rating and a $22.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $26.80.

Cullinan Therapeutics Stock Up 6.8%

Shares of CGEM stock traded up $0.52 during mid-day trading on Monday, reaching $8.19. The stock had a trading volume of 629,410 shares, compared to its average volume of 359,247. The firm's 50 day simple moving average is $7.80 and its 200 day simple moving average is $8.18. Cullinan Therapeutics has a one year low of $6.85 and a one year high of $19.89. The firm has a market cap of $483.82 million, a PE ratio of -2.54 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) EPS for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). Sell-side analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors have recently bought and sold shares of the business. Deerfield Management Company L.P. Series C raised its position in Cullinan Therapeutics by 3.0% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company's stock valued at $41,161,000 after purchasing an additional 99,399 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cullinan Therapeutics by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company's stock worth $23,011,000 after purchasing an additional 103,504 shares during the period. Blue Owl Capital Holdings LP grew its stake in shares of Cullinan Therapeutics by 17.9% during the fourth quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company's stock worth $28,878,000 after purchasing an additional 360,000 shares during the period. Franklin Resources Inc. grew its stake in shares of Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company's stock worth $16,778,000 after purchasing an additional 8,399 shares during the period. Finally, Orbimed Advisors LLC grew its stake in shares of Cullinan Therapeutics by 81.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company's stock worth $23,660,000 after purchasing an additional 872,500 shares during the period. 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.