UBS Group Cuts Cullinan Therapeutics (NASDAQ:CGEM) Price Target to $24.00

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its price target lowered by analysts at UBS Group from $30.00 to $24.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price would suggest a potential upside of 203.41% from the stock's previous close.

Several other analysts have also issued reports on the company. HC Wainwright reaffirmed a "buy" rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, April 16th. Morgan Stanley reissued an "overweight" rating and issued a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $32.00.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock traded up $0.37 on Monday, hitting $7.91. The company's stock had a trading volume of 566,239 shares, compared to its average volume of 588,290. The company has a market capitalization of $466.81 million, a PE ratio of -2.79 and a beta of -0.07. Cullinan Therapeutics has a fifty-two week low of $6.85 and a fifty-two week high of $28.11. The stock's 50 day moving average is $8.11 and its 200-day moving average is $10.59.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.04. On average, research analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Nadim Ahmed sold 12,529 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $106,872.37. Following the transaction, the chief executive officer now owns 430,621 shares in the company, valued at $3,673,197.13. This trade represents a 2.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the transaction, the insider now owns 174,164 shares in the company, valued at approximately $1,485,618.92. This trade represents a 2.73% decrease in their position. The disclosure for this sale can be found here. 7.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. grew its stake in shares of Cullinan Therapeutics by 43.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company's stock valued at $374,000 after buying an additional 9,385 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Cullinan Therapeutics by 25.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company's stock worth $487,000 after purchasing an additional 5,842 shares in the last quarter. Barclays PLC grew its stake in Cullinan Therapeutics by 26.0% during the 3rd quarter. Barclays PLC now owns 248,614 shares of the company's stock worth $4,161,000 after purchasing an additional 51,300 shares in the last quarter. New York State Common Retirement Fund grew its stake in Cullinan Therapeutics by 32.9% during the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company's stock worth $157,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Cullinan Therapeutics by 8.5% during the 4th quarter. Rhumbline Advisers now owns 68,208 shares of the company's stock worth $831,000 after purchasing an additional 5,348 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

About Cullinan Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.