Cullinan Therapeutics’ (CGEM) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $33.00 price objective on the stock.

Cullinan Therapeutics Trading Down 1.4 %

CGEM opened at $8.49 on Friday. Cullinan Therapeutics has a twelve month low of $8.29 and a twelve month high of $30.19. The firm has a market cap of $494.36 million, a price-to-earnings ratio of -2.99 and a beta of -0.16. The company has a fifty day simple moving average of $10.53 and a 200 day simple moving average of $13.94.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.02. On average, analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.52, for a total value of $43,682.28. Following the sale, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. This represents a 3.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 38,006 shares of company stock worth $395,604. 6.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank lifted its position in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the last quarter. Federated Hermes Inc. boosted its stake in Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after acquiring an additional 1,525 shares during the period. Virtus ETF Advisers LLC grew its holdings in shares of Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after purchasing an additional 1,600 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Cullinan Therapeutics during the 4th quarter worth approximately $77,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Cullinan Therapeutics in the 4th quarter worth approximately $83,000. Institutional investors and hedge funds 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.