Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up to $17.32

Cullinan Oncology, Inc. (NASDAQ:CGEM - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $17.32, but opened at $18.01. Cullinan Oncology shares last traded at $19.26, with a volume of 226,396 shares trading hands.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Cullinan Oncology in a report on Thursday, February 15th. They issued an "outperform" rating and a $30.00 target price on the stock. BTIG Research raised their target price on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday. HC Wainwright reduced their target price on shares of Cullinan Oncology from $34.00 to $29.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, William Blair began coverage on shares of Cullinan Oncology in a report on Monday. They issued an "outperform" rating on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $27.75.

Cullinan Oncology Stock Up 3.2 %

The business's fifty day simple moving average is $17.29 and its two-hundred day simple moving average is $12.57. The company has a market cap of $770.02 million, a price-to-earnings ratio of -4.85 and a beta of 0.33.

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

Insider Activity

In other news, insider Corrine Savill sold 18,684 shares of Cullinan Oncology 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 transaction, the insider now directly owns 165,990 shares of the company's stock, valued at approximately $2,015,118.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 98,684 shares of company stock valued at $1,437,624 in the last ninety days. 8.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Oncology

A number of institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC grew its position in Cullinan Oncology by 1.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 107,360 shares of the company's stock valued at $1,376,000 after buying an additional 1,347 shares during the last quarter. Rhumbline Advisers grew its position in Cullinan Oncology by 4.7% in the 1st quarter. Rhumbline Advisers now owns 32,045 shares of the company's stock valued at $336,000 after buying an additional 1,445 shares during the last quarter. Alliancebernstein L.P. grew its position in Cullinan Oncology by 5.6% in the 4th quarter. Alliancebernstein L.P. now owns 28,200 shares of the company's stock valued at $298,000 after buying an additional 1,500 shares during the last quarter. SG Americas Securities LLC grew its position in Cullinan Oncology by 12.3% in the 4th quarter. SG Americas Securities LLC now owns 14,449 shares of the company's stock valued at $147,000 after buying an additional 1,587 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Cullinan Oncology by 7.9% in the 2nd quarter. California State Teachers Retirement System now owns 23,485 shares of the company's stock valued at $253,000 after buying an additional 1,719 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Oncology

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.