Cullinan Oncology (NASDAQ:CGEM) Shares Gap Up Following Analyst Upgrade

Cullinan Oncology, Inc. (NASDAQ:CGEM) shares gapped up prior to trading on Wednesday after Jonestrading raised their price target on the stock from $22.00 to $26.00. The stock had previously closed at $17.32, but opened at $18.01. Jonestrading currently has a buy rating on the stock. Cullinan Oncology shares last traded at $19.26, with a volume of 226,396 shares traded.

Other equities analysts have also recently issued reports about the company. HC Wainwright dropped their target price on Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a report on Tuesday. Wedbush assumed coverage on Cullinan Oncology in a report on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price for the company. William Blair assumed coverage on Cullinan Oncology in a report on Monday. They set an “outperform” rating for the company. Finally, BTIG Research raised their price target on Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $28.75.

Insider Activity at Cullinan Oncology

In other news, insider Corrine Savill sold 40,000 shares of Cullinan Oncology stock in a transaction on Monday, January 29th. The stock was sold at an average price of $14.09, for a total value of $563,600.00. Following the completion of the sale, the insider now directly owns 165,990 shares of the company’s stock, valued at approximately $2,338,799.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 98,684 shares of company stock valued at $1,437,624 in the last three months. Corporate insiders own 8.82% of the company’s stock.

Institutional Investors Weigh In On Cullinan Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in CGEM. Swiss National Bank increased its stake in shares of Cullinan Oncology by 8.1% in the 1st quarter. Swiss National Bank now owns 36,200 shares of the company’s stock valued at $379,000 after buying an additional 2,700 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Cullinan Oncology by 20.5% in the 1st quarter. JPMorgan Chase & Co. now owns 24,172 shares of the company’s stock valued at $253,000 after buying an additional 4,115 shares during the period. MetLife Investment Management LLC boosted its position in shares of Cullinan Oncology by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 15,398 shares of the company’s stock worth $161,000 after purchasing an additional 5,590 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Cullinan Oncology by 4.7% during the first quarter. Rhumbline Advisers now owns 32,045 shares of the company’s stock worth $336,000 after purchasing an additional 1,445 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cullinan Oncology by 2.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 178,150 shares of the company’s stock worth $1,866,000 after purchasing an additional 3,937 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Oncology Price Performance

The business has a 50 day moving average of $17.29 and a 200 day moving average of $12.60. The firm has a market capitalization of $777.84 million, a price-to-earnings ratio of -4.89 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.42. As a group, equities analysts predict that Cullinan Oncology, Inc. will post -3.6 EPS for the current year.

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.