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

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) had its price target lowered by investment analysts at UBS Group from $30.00 to $24.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price would indicate a potential upside of 220.00% from the stock's current price.

Several other equities research analysts have also commented on the stock. Morgan Stanley restated an "overweight" rating and set a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright restated a "buy" rating and set a $33.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics has an average rating of "Buy" and an average target price of $32.00.

Cullinan Therapeutics Price Performance

NASDAQ CGEM traded up $0.26 on Monday, hitting $7.50. 440,232 shares of the company's stock were exchanged, compared to its average volume of 585,215. The firm's 50-day moving average price is $8.01 and its two-hundred day moving average price is $10.32. Cullinan Therapeutics has a fifty-two week low of $6.85 and a fifty-two week high of $24.99. The firm has a market cap of $442.61 million, a price-to-earnings ratio of -2.64 and a beta of -0.07.

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

Insider Transactions at Cullinan Therapeutics

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

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently bought and sold shares of CGEM. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cullinan Therapeutics in the first quarter valued at $163,000. Tema Etfs LLC lifted its holdings in Cullinan Therapeutics by 37.7% in the 1st quarter. Tema Etfs LLC now owns 39,164 shares of the company's stock valued at $296,000 after purchasing an additional 10,731 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Cullinan Therapeutics during the 1st quarter worth about $518,000. AlphaQuest LLC purchased a new stake in shares of Cullinan Therapeutics during the first quarter worth about $190,000. Finally, EntryPoint Capital LLC raised its position in shares of Cullinan Therapeutics by 65.0% in the first quarter. EntryPoint Capital LLC now owns 24,190 shares of the company's stock valued at $183,000 after buying an additional 9,533 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

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.