HC Wainwright Lowers Cullinan Oncology (NASDAQ:CGEM) Price Target to $29.00

Cullinan Oncology (NASDAQ:CGEM) had its target price lowered by equities researchers at HC Wainwright from $34.00 to $29.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 62.19% from the company’s current price.

A number of other equities analysts also recently issued reports on CGEM. William Blair started coverage on Cullinan Oncology in a research note on Monday. They issued an “outperform” rating on the stock. Wedbush started coverage on Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 price target on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Oncology has an average rating of “Buy” and an average target price of $27.75.

Cullinan Oncology Trading Up 3.2 %

Shares of CGEM opened at $17.88 on Tuesday. The business’s fifty day simple moving average is $17.29 and its two-hundred day simple moving average is $12.57. Cullinan Oncology has a 12 month low of $7.64 and a 12 month high of $20.62. The company has a market cap of $770.02 million, a price-to-earnings ratio of -4.85 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last issued its earnings results on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, beating the consensus estimate of ($0.96) by $0.42. As a group, research analysts forecast that Cullinan Oncology will post -3.55 EPS for the current year.

Insider Buying and Selling

In related news, insider Corrine Savill sold 18,684 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $12.14, for a total value of $226,823.76. Following the transaction, the insider now directly owns 165,990 shares of the company’s stock, valued at approximately $2,015,118.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 98,684 shares of company stock valued at $1,437,624. 8.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Oncology

Institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new stake in Cullinan Oncology during the second quarter valued at about $53,000. China Universal Asset Management Co. Ltd. raised its holdings in Cullinan Oncology by 352.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after acquiring an additional 3,859 shares during the period. Point72 Middle East FZE bought a new stake in Cullinan Oncology during the second quarter valued at about $59,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cullinan Oncology by 1,331.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after acquiring an additional 6,085 shares during the period. Finally, Royal Bank of Canada raised its holdings in Cullinan Oncology by 499.8% during the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock valued at $97,000 after acquiring an additional 7,492 shares during the period. 86.31% of the stock is owned by institutional investors.

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.