Cullinan Therapeutics (NASDAQ:CGEM) Now Covered by Stifel Nicolaus

Investment analysts at Stifel Nicolaus initiated coverage on shares of Cullinan Therapeutics (NASDAQ:CGEM) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating and a $22.00 price target on the stock. Stifel Nicolaus’ price target points to a potential upside of 142.99% from the stock’s current price.

Several other research analysts have also weighed in on the stock. UBS Group lowered their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $30.00.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock traded up $0.02 during trading on Wednesday, hitting $9.05. 23,849 shares of the stock were exchanged, compared to its average volume of 565,702. The stock has a market cap of $534.32 million, a price-to-earnings ratio of -3.18 and a beta of -0.04. The firm’s 50-day moving average price is $8.01 and its 200 day moving average price is $9.55. Cullinan Therapeutics has a 12-month low of $6.85 and a 12-month high of $24.76.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.04. As a group, research analysts forecast that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Institutional Trading of Cullinan Therapeutics

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Cullinan Therapeutics by 580.9% in the 4th quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company’s stock worth $2,414,000 after acquiring an additional 169,104 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Cullinan Therapeutics by 32.9% in the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after acquiring an additional 3,200 shares during the period. Rhumbline Advisers lifted its stake in shares of Cullinan Therapeutics by 8.5% in the 4th quarter. Rhumbline Advisers now owns 68,208 shares of the company’s stock worth $831,000 after acquiring an additional 5,348 shares during the period. Invesco Ltd. lifted its stake in shares of Cullinan Therapeutics by 2.4% in the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after acquiring an additional 1,395 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 31.2% in the 4th quarter. ProShare Advisors LLC now owns 17,326 shares of the company’s stock worth $211,000 after purchasing an additional 4,124 shares in the last quarter. 86.31% of the stock is 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.