Cullinan Oncology (NASDAQ:CGEM) Hits New 1-Year High at $20.62

Cullinan Oncology, Inc. (NASDAQ:CGEM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $20.62 and last traded at $19.99, with a volume of 677755 shares trading hands. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CGEM shares. William Blair started coverage on shares of Cullinan Oncology in a research note on Monday. They set an "outperform" rating for the company. HC Wainwright dropped their price target on shares of Cullinan Oncology from $34.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Wedbush initiated coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They issued an "outperform" rating and a $30.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Oncology has an average rating of "Buy" and a consensus price target of $27.00.

Cullinan Oncology Trading Up 4.7 %

The firm's fifty day moving average price is $17.30 and its 200 day moving average price is $12.53. The stock has a market capitalization of $745.97 million, a price-to-earnings ratio of -4.69 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.96) by $0.42. On average, analysts forecast that Cullinan Oncology, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Corrine Savill sold 18,684 shares of the firm's stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $12.14, for a total value of $226,823.76. Following the sale, the insider now directly owns 165,990 shares in the company, valued at approximately $2,015,118.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 98,684 shares of company stock worth $1,437,624. 8.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CGEM. Swiss National Bank grew its position in shares of Cullinan Oncology by 8.1% in the 1st quarter. Swiss National Bank now owns 36,200 shares of the company's stock valued at $379,000 after buying an additional 2,700 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Cullinan Oncology by 20.5% in the 1st quarter. JPMorgan Chase & Co. now owns 24,172 shares of the company's stock valued at $253,000 after buying an additional 4,115 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of Cullinan Oncology by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 15,398 shares of the company's stock valued at $161,000 after buying an additional 5,590 shares during the last quarter. Rhumbline Advisers grew its position in Cullinan Oncology by 4.7% during the 1st quarter. Rhumbline Advisers now owns 32,045 shares of the company's stock worth $336,000 after purchasing an additional 1,445 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Cullinan Oncology by 2.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 178,150 shares of the company's stock worth $1,866,000 after purchasing an additional 3,937 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.