Morgan Stanley Issues Pessimistic Forecast for Cullinan Therapeutics (NASDAQ:CGEM) Stock Price

Cullinan Therapeutics (NASDAQ:CGEM) had its target price cut by Morgan Stanley from $35.00 to $28.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the stock.

CGEM has been the subject of several other reports. Stifel Nicolaus initiated coverage on Cullinan Therapeutics in a report on Wednesday, June 11th. They set a “buy” rating and a $22.00 target price for the company. UBS Group dropped their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $28.60.

Cullinan Therapeutics Stock Down 1.5%

Shares of Cullinan Therapeutics stock opened at $7.47 on Monday. The firm has a market cap of $441.25 million, a P/E ratio of -2.31 and a beta of -0.08. Cullinan Therapeutics has a fifty-two week low of $6.85 and a fifty-two week high of $19.89. The business has a 50-day moving average price of $7.83 and a 200 day moving average price of $8.21.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.24). As a group, equities research analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its position in Cullinan Therapeutics by 44.6% in the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares during the period. Man Group plc acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $168,000. Massar Capital Management LP acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $101,000. Engineers Gate Manager LP acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $136,000. Finally, Bank of America Corp DE lifted its position in shares of Cullinan Therapeutics by 26.1% during the 2nd quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after acquiring an additional 136,900 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.