Cullinan Oncology (NASDAQ:CGEM) Trading 5.9% Higher Following Analyst Upgrade

Shares of Cullinan Oncology, Inc. (NASDAQ:CGEM - Get Free Report) were up 5.9% on Thursday after Jonestrading raised their price target on the stock from $22.00 to $26.00. Jonestrading currently has a buy rating on the stock. Cullinan Oncology traded as high as $19.14 and last traded at $18.94. Approximately 60,437 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 450,834 shares. The stock had previously closed at $17.88.

Other research analysts also recently issued reports about the stock. BTIG Research increased their price objective on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday. HC Wainwright reduced their price objective on shares of Cullinan Oncology from $34.00 to $29.00 and set a "buy" rating on the stock in a research note on Tuesday. Wedbush started coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They set an "outperform" rating and a $30.00 price objective on the stock. Finally, William Blair started coverage on shares of Cullinan Oncology in a research note on Monday. They set an "outperform" rating on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $28.75.

Insiders Place Their Bets

In other Cullinan Oncology news, insider Corrine Savill sold 18,684 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $12.14, for a total transaction of $226,823.76. Following the sale, the insider now directly owns 165,990 shares of the company's stock, valued at $2,015,118.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 98,684 shares of company stock valued at $1,437,624. Company insiders own 8.82% of the company's stock.

Institutional Trading of Cullinan Oncology

Institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC increased its holdings in shares of Cullinan Oncology by 145.6% in the 3rd quarter. Barclays PLC now owns 53,393 shares of the company's stock worth $483,000 after acquiring an additional 31,650 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Cullinan Oncology by 380.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company's stock worth $5,512,000 after acquiring an additional 482,234 shares during the period. Citigroup Inc. increased its holdings in shares of Cullinan Oncology by 186.1% in the 3rd quarter. Citigroup Inc. now owns 23,534 shares of the company's stock worth $213,000 after acquiring an additional 15,308 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in shares of Cullinan Oncology by 15.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 121,800 shares of the company's stock worth $1,102,000 after acquiring an additional 16,700 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of Cullinan Oncology in the 3rd quarter worth about $181,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Oncology Stock Performance

The stock's fifty day moving average is $17.29 and its two-hundred day moving average is $12.60. The firm has a market cap of $777.84 million, a price-to-earnings ratio of -4.89 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.96) by $0.42. Sell-side analysts predict that Cullinan Oncology, Inc. will post -3.6 earnings per share for the current year.

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.