Cullinan Therapeutics (NASDAQ:CGEM) Sets New 12-Month High – Time to Buy?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week high on Tuesday . The stock traded as high as $19.53 and last traded at $19.44, with a volume of 356083 shares trading hands. The stock had previously closed at $18.28.

Wall Street Analyst Weigh In

CGEM has been the topic of a number of recent research reports. BTIG Research increased their price objective on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Wedbush reiterated an “outperform” rating and issued a $37.00 price target on shares of Cullinan Therapeutics in a report on Thursday, June 11th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $32.14.

Cullinan Therapeutics Stock Up 7.2%

The business has a 50-day moving average price of $16.63 and a 200-day moving average price of $14.88. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -6.31 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $17.82, for a total value of $142,560.00. Following the completion of the sale, the insider owned 162,844 shares of the company’s stock, valued at approximately $2,901,880.08. This trade represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd purchased a new stake in Cullinan Therapeutics during the 1st quarter worth approximately $1,356,000. Boothbay Fund Management LLC purchased a new position in shares of Cullinan Therapeutics in the fourth quarter worth $12,803,000. Dimensional Fund Advisors LP lifted its stake in shares of Cullinan Therapeutics by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company’s stock worth $12,870,000 after buying an additional 57,259 shares during the period. UBS Group AG lifted its stake in shares of Cullinan Therapeutics by 44.4% during the fourth quarter. UBS Group AG now owns 271,736 shares of the company’s stock worth $2,812,000 after buying an additional 83,551 shares during the period. Finally, Elmind Capital LP grew its holdings in shares of Cullinan Therapeutics by 71.0% during the first quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock valued at $7,531,000 after buying an additional 220,000 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.