Cullinan Therapeutics (NASDAQ:CGEM) Insider Jacquelyn Sumer Sells 3,742 Shares

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jacquelyn Sumer sold 3,742 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $50,966.04. Following the completion of the transaction, the insider directly owned 131,690 shares of the company’s stock, valued at approximately $1,793,617.80. This trade represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Cullinan Therapeutics Trading Up 2.5%

Shares of NASDAQ:CGEM traded up $0.34 during trading on Monday, hitting $13.99. 627,420 shares of the stock were exchanged, compared to its average volume of 719,629. The company has a fifty day moving average price of $11.26 and a two-hundred day moving average price of $9.17. The company has a market cap of $826.53 million, a PE ratio of -4.23 and a beta of -0.09. Cullinan Therapeutics, Inc. has a 12-month low of $5.68 and a 12-month high of $14.51.

Analysts Set New Price Targets

Several analysts have weighed in on the company. New Street Research set a $26.00 target price on Cullinan Therapeutics in a report on Thursday, November 20th. Guggenheim started coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 price objective on the stock. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Wedbush lifted their target price on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Finally, HC Wainwright increased their price target 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. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average target price of $29.33.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its stake in shares of Cullinan Therapeutics by 27.4% during the fourth quarter. Invesco Ltd. now owns 130,323 shares of the company’s stock valued at $1,349,000 after buying an additional 28,011 shares during the period. Virtus Investment Advisers LLC lifted its stake in shares of Cullinan Therapeutics by 75.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 22,318 shares of the company’s stock worth $231,000 after purchasing an additional 9,604 shares during the period. Susquehanna Portfolio Strategies LLC boosted its holdings in shares of Cullinan Therapeutics by 87.8% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 233,842 shares of the company’s stock worth $2,420,000 after purchasing an additional 109,311 shares during the last quarter. Elmind Capital LP acquired a new stake in shares of Cullinan Therapeutics during the fourth quarter worth $3,208,000. Finally, Engineers Gate Manager LP grew its position in shares of Cullinan Therapeutics by 37.7% in the fourth quarter. Engineers Gate Manager LP now owns 69,343 shares of the company’s stock valued at $718,000 after purchasing an additional 18,980 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.