Cullinan Therapeutics (NASDAQ:CGEM) Sets New 52-Week High – Should You Buy?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $13.43 and last traded at $13.3330, with a volume of 358294 shares traded. The stock had previously closed at $12.71.

Wall Street Analyst Weigh In

CGEM has been the topic of several analyst reports. Wedbush upped their price objective on Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. HC Wainwright boosted their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Morgan Stanley restated an “overweight” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research report on Monday. They set a “buy” rating and a $30.00 price target on the stock. Finally, Zacks Research raised Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Cullinan Therapeutics Stock Down 3.9%

The stock has a market capitalization of $700.10 million, a price-to-earnings ratio of -3.58 and a beta of -0.09. The company’s fifty day simple moving average is $11.07 and its 200 day simple moving average is $8.83.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. As a group, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $12.30, for a total transaction of $49,200.00. Following the completion of the transaction, the insider owned 128,635 shares in the company, valued at approximately $1,582,210.50. This trade represents a 3.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey Alan Jones sold 4,632 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total transaction of $44,791.44. Following the completion of the transaction, the insider owned 169,532 shares in the company, valued at approximately $1,639,374.44. The trade was a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 33,420 shares of company stock worth $356,082. Corporate insiders own 7.16% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently made changes to their positions in the business. CWM LLC raised its holdings in Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares during the period. Rafferty Asset Management LLC boosted its stake in Cullinan Therapeutics by 3.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock valued at $242,000 after buying an additional 1,503 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cullinan Therapeutics by 29.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,909 shares of the company’s stock valued at $103,000 after purchasing an additional 2,268 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Cullinan Therapeutics by 44.6% in the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after acquiring an additional 2,523 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Cullinan Therapeutics by 3.9% in the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after purchasing an additional 2,767 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.