Cullinan Therapeutics (NASDAQ:CGEM) Given New $44.00 Price Target at Wedbush

Cullinan Therapeutics (NASDAQ:CGEM) had its target price hoisted by Wedbush from $42.00 to $44.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

CGEM has been the subject of a number of other reports. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, BTIG Research increased their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.14.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $11.35 on Wednesday. Cullinan Therapeutics has a 1-year low of $7.72 and a 1-year high of $23.19. The firm has a market capitalization of $730.43 million, a P/E ratio of -3.70 and a beta of -0.03. The company’s 50-day moving average is $16.35 and its 200 day moving average is $15.82.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.10. Research analysts anticipate that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $12.36, for a total value of $49,440.00. Following the completion of the sale, the insider directly owned 158,649 shares of the company’s stock, valued at $1,960,901.64. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elmind Capital LP bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at about $12,564,900. BlackRock Inc. bought a new position in shares of Cullinan Therapeutics during the second quarter valued at approximately $95,289,000. Engineers Gate Manager LP boosted its stake 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 valued at $2,787,000 after purchasing an additional 86,762 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Cullinan Therapeutics during the second quarter valued at approximately $3,114,000. Finally, Blue Owl Capital Holdings LP purchased a new position in Cullinan Therapeutics during the second quarter valued at approximately $28,039,000. 86.31% of the stock is currently owned by institutional investors.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.