Cullinan Therapeutics (NASDAQ:CGEM) Price Target Raised to $40.00

by · The Markets Daily

Cullinan Therapeutics (NASDAQ:CGEM – Free Report) had its target price lifted by BTIG Research from $39.00 to $40.00 in a research report sent to investors on Monday morning, Marketbeat reports. BTIG Research currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Finally, Wedbush upped their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Check Out Our Latest Analysis on CGEM

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $20.63 on Monday. The company has a market capitalization of $1.33 billion, a P/E ratio of -6.65 and a beta of 0.02. The company’s 50-day moving average is $19.60 and its 200 day moving average is $16.55. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, research analysts predict that Cullinan Therapeutics will post -3.08 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the sale, the insider directly owned 158,844 shares in the company, valued at approximately $3,426,265.08. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 46,000 shares of company stock valued at $922,920 over the last 90 days. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP lifted its position in shares of Cullinan Therapeutics by 130.9% during the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock worth $2,787,000 after acquiring an additional 86,762 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at $25,000. Squarepoint Ops LLC purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at $3,061,000. Allworth Financial LP raised its stake in shares of Cullinan Therapeutics by 152.4% during the 2nd quarter. Allworth Financial LP now owns 2,893 shares of the company’s stock valued at $53,000 after purchasing an additional 1,747 shares during the period. Finally, Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $190,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

About Cullinan Therapeutics

(Get Free Report)

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.

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