Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Cullinan Therapeutics shares reached a new 52-week high of $22.84 after TD Cowen upgraded the stock to a strong-buy rating. MarketBeat lists a consensus “Moderate Buy” rating and a $32.86 target price.
• Analyst sentiment is broadly positive but mixed, with buy and outperform ratings from HC Wainwright, BTIG Research, and Wedbush, alongside sell ratings from Wall Street Zen and Weiss Ratings.
• Institutional investors own 86.31% of the company and several firms increased their positions, while insider Jennifer Michaelson sold 30,000 shares. Cullinan reported a quarterly loss of $0.81 per share, slightly worse than the $0.80 consensus estimate.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The company traded as high as $22.84 and last traded at $22.5350, with a volume of 31270 shares. The stock had previously closed at $21.82.

CGEM has been the subject of a number of other research reports. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a report on Monday, August 17th. BTIG Research lifted their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Wall Street Zen lowered Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Wedbush increased their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.86.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider directly owned 162,844 shares in the company, valued at $3,299,219.44. The trade was a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new position in Cullinan Therapeutics in the 1st quarter worth about $163,000. Jane Street Group LLC lifted its holdings in shares of Cullinan Therapeutics by 145.9% during the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company's stock valued at $260,000 after buying an additional 109,413 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cullinan Therapeutics in the 1st quarter valued at approximately $618,000. Creative Planning grew its stake in shares of Cullinan Therapeutics by 222.2% in the 2nd quarter. Creative Planning now owns 41,723 shares of the company's stock valued at $314,000 after buying an additional 28,773 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Cullinan Therapeutics by 122.9% in the second quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company's stock worth $731,000 after buying an additional 53,522 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company's stock.

Cullinan Therapeutics Price Performance

The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -7.27 and a beta of 0.01. The business has a fifty day moving average of $18.05 and a 200 day moving average of $15.48.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, analysts expect that Cullinan Therapeutics, Inc. will post -3.07 EPS for the current year.

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.

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