Cullinan Therapeutics (NASDAQ:CGEM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cullinan Therapeutics (NASDAQ:CGEM) from a sell rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also weighed in on the company. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. BTIG Research boosted their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a report on Monday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wedbush lifted their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.86.

Cullinan Therapeutics Price Performance

CGEM stock opened at $22.09 on Friday. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $23.19. The firm has a market cap of $1.42 billion, a PE ratio of -7.13 and a beta of 0.02. The firm has a 50 day simple moving average of $19.18 and a 200 day simple moving average of $16.21.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, sell-side analysts expect that Cullinan Therapeutics will post -3.08 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of CGEM. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after buying an additional 1,036 shares in the last quarter. Allworth Financial LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth about $53,000. Quantbot Technologies LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth about $53,000. Seven Fleet Capital Management LP acquired a new stake in Cullinan Therapeutics during the 4th quarter worth about $31,000. Finally, CWM LLC boosted its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares during the period. Hedge funds and other institutional investors 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.