Cullinan Therapeutics (NASDAQ:CGEM) Stock Rating Lowered by Zacks Research

Cullinan Therapeutics (NASDAQ:CGEM) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

CGEM has been the subject of several other research reports. HC Wainwright increased their price objective on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Citigroup started coverage on shares of Cullinan Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $33.00 target price for the company. New Street Research set a $26.00 price target on shares of Cullinan Therapeutics in a report on Thursday, November 20th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Finally, BTIG Research upped their price objective on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $29.33.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $13.65 on Thursday. The firm has a market cap of $806.44 million, a P/E ratio of -4.12 and a beta of -0.09. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $14.32. The stock has a 50-day simple moving average of $11.26 and a 200-day simple moving average of $9.16.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,632 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $44,791.44. Following the transaction, the insider owned 169,532 shares of the company’s stock, valued at $1,639,374.44. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of the business’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 value of $49,200.00. Following the completion of the sale, the insider owned 128,635 shares of the company’s stock, valued at $1,582,210.50. This trade represents a 3.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 33,836 shares of company stock worth $361,087. 7.16% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. Assenagon Asset Management S.A. grew its position in shares of Cullinan Therapeutics by 1,665.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock valued at $1,054,000 after buying an additional 167,623 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Cullinan Therapeutics in the second quarter worth about $84,000. Voss Capital LP boosted its stake in Cullinan Therapeutics by 43.8% in the second quarter. Voss Capital LP now owns 251,717 shares of the company’s stock valued at $1,895,000 after acquiring an additional 76,717 shares during the period. Franklin Resources Inc. grew its holdings in shares of Cullinan Therapeutics by 0.4% during the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock valued at $16,778,000 after purchasing an additional 8,399 shares during the last quarter. Finally, Corton Capital Inc. grew its holdings in shares of Cullinan Therapeutics by 28.9% during the second quarter. Corton Capital Inc. now owns 21,712 shares of the company’s stock valued at $163,000 after purchasing an additional 4,870 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Therapeutics

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.