Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Up 6.7% - Still a Buy?

Key Points

• Cullinan Therapeutics shares rose 6.7% to $13.80, although trading volume was 55% below its average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $33.71, substantially above the current price. Targets range from $35 to $42, though one analyst maintains a sell rating.
• The clinical-stage biotechnology company reported a quarterly loss of $0.81 per share, slightly missing estimates, and analysts expect a full-year loss of $3.06 per share. Its pipeline focuses on investigational cancer and autoimmune-disease treatments, including CLN-978 and CLN-619.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares shot up 6.7% on Monday. The company traded as high as $13.81 and last traded at $13.80. Approximately 406,154 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 906,126 shares. The stock had previously closed at $12.93.

Analyst Upgrades and Downgrades

CGEM has been the topic of several research reports. HC Wainwright reaffirmed a "buy" rating and set a $35.00 price objective on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Wall Street Zen raised Cullinan Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, October 10th. BTIG Research reissued a "buy" rating and issued a $40.00 target price on shares of Cullinan Therapeutics in a report on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, Wedbush lifted their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cullinan Therapeutics has an average rating of "Moderate Buy" and an average price target of $33.71.

Cullinan Therapeutics Trading Up 6.7%

The stock has a market cap of $888.17 million, a price-to-earnings ratio of -4.44 and a beta of -0.05. The stock's 50 day moving average is $19.04 and its two-hundred day moving average is $16.85.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total transaction of $172,560.00. Following the transaction, the insider owned 158,844 shares of the company's stock, valued at $3,426,265.08. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 8.60% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $25,000. GAMMA Investing LLC grew its stake in shares of Cullinan Therapeutics by 38.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock valued at $41,000 after purchasing an additional 738 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Cullinan Therapeutics by 181.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,680 shares of the company's stock valued at $48,000 after purchasing an additional 3,020 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $53,000. Finally, Quantbot Technologies LP acquired a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $53,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan's pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.