HC Wainwright Reaffirms “Buy” Rating for Cullinan Therapeutics (NASDAQ:CGEM)

HC Wainwright restated their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report released on Friday morning, Benzinga reports. The firm currently has a $28.00 target price on the stock.

A number of other research firms have also recently commented on CGEM. William Blair began coverage on shares of Cullinan Therapeutics in a research note on Monday, April 15th. They set an outperform rating for the company. Wedbush reiterated an outperform rating and set a $36.00 price target on shares of Cullinan Therapeutics in a report on Thursday, May 16th. BTIG Research increased their price objective on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. Jonestrading upped their price target on Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Finally, Stifel Nicolaus assumed coverage on Cullinan Therapeutics in a research note on Wednesday, May 1st. They issued a buy rating and a $40.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of Buy and an average price target of $32.00.

Cullinan Therapeutics Stock Up 6.5 %

Shares of CGEM traded up $1.48 during mid-day trading on Friday, reaching $24.13. The company had a trading volume of 604,117 shares, compared to its average volume of 1,154,730. Cullinan Therapeutics has a 52-week low of $7.64 and a 52-week high of $30.19. The stock has a 50 day moving average of $20.75 and a two-hundred day moving average of $15.40.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.96) by $0.42. On average, sell-side analysts predict that Cullinan Therapeutics will post -3.02 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 58,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $28.07, for a total value of $1,628,060.00. Following the transaction, the insider now owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in CGEM. Ameritas Investment Partners Inc. increased its position in Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after buying an additional 615 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Cullinan Therapeutics by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock valued at $390,000 after purchasing an additional 820 shares during the period. SG Americas Securities LLC raised its holdings in shares of Cullinan Therapeutics by 12.3% in the fourth quarter. SG Americas Securities LLC now owns 14,449 shares of the company’s stock valued at $147,000 after buying an additional 1,587 shares during the last quarter. Annandale Capital LLC boosted its stake in shares of Cullinan Therapeutics by 20.0% during the third quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock worth $109,000 after buying an additional 2,000 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cullinan Therapeutics by 22.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock worth $294,000 after buying an additional 3,134 shares during the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.