Cullinan Oncology (NASDAQ:CGEM) Reaches New 12-Month High at $20.62

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $20.62 and last traded at $19.99, with a volume of 677755 shares trading hands. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CGEM. BTIG Research increased their price target on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday. Wedbush initiated coverage on shares of Cullinan Oncology in a report on Thursday, February 15th. They set an “outperform” rating and a $30.00 target price on the stock. HC Wainwright dropped their target price on shares of Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, William Blair initiated coverage on shares of Cullinan Oncology in a report on Monday. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $27.75.

Cullinan Oncology Stock Performance

The stock has a market capitalization of $770.02 million, a price-to-earnings ratio of -4.85 and a beta of 0.33. The firm’s fifty day simple moving average is $17.29 and its 200 day simple moving average is $12.57.

Cullinan Oncology (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.42. Analysts forecast that Cullinan Oncology, Inc. will post -3.55 earnings per share for the current year.

Insider Activity

In other news, insider Corrine Savill sold 40,000 shares of Cullinan Oncology stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $14.09, for a total value of $563,600.00. Following the sale, the insider now directly owns 165,990 shares in the company, valued at $2,338,799.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 98,684 shares of company stock worth $1,437,624 over the last ninety days. Insiders own 8.82% of the company’s stock.

Institutional Trading of Cullinan Oncology

A number of hedge funds and other institutional investors have recently made changes to their positions in CGEM. China Universal Asset Management Co. Ltd. raised its holdings in shares of Cullinan Oncology by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after purchasing an additional 3,859 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Cullinan Oncology in the second quarter valued at $53,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after buying an additional 6,085 shares in the last quarter. Point72 Middle East FZE bought a new position in shares of Cullinan Oncology in the second quarter valued at $59,000. Finally, Royal Bank of Canada grew its stake in shares of Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock valued at $97,000 after buying an additional 7,492 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

About Cullinan Oncology

Cullinan Oncology, 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.