Cullinan Therapeutics (NASDAQ:CGEM) Downgraded to Sell Rating by Wall Street Zen

Cullinan Therapeutics (NASDAQ:CGEM) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Friday.

Several other equities research analysts have also issued reports on the stock. Wedbush increased their price objective 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. BTIG Research upped their price target on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. New Street Research set a $26.00 price objective on Cullinan Therapeutics in a research report on Thursday, November 20th. HC Wainwright boosted their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Finally, Zacks Research upgraded Cullinan Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.71.

Cullinan Therapeutics Stock Down 0.6%

Shares of CGEM opened at $12.50 on Friday. The firm has a market cap of $738.50 million, a PE ratio of -3.78 and a beta of -0.09. The company’s fifty day moving average is $10.71 and its two-hundred day moving average is $8.55. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $13.33.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.18. As a group, equities research analysts anticipate that Cullinan Therapeutics will post -3.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Nadim Ahmed sold 9,922 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total value of $99,319.22. Following the sale, the chief executive officer directly owned 420,699 shares in the company, valued at $4,211,196.99. This trade represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Lynx1 Capital Management Lp bought 165,667 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The stock was bought at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the transaction, the insider directly owned 8,963,500 shares in the company, valued at $75,293,400. This represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 33,420 shares of company stock valued at $356,082 in the last three months. 7.16% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Cullinan Therapeutics during the 1st quarter worth $163,000. Jane Street Group LLC grew its stake in shares of Cullinan Therapeutics by 145.9% in the first quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock worth $260,000 after acquiring an additional 109,413 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Cullinan Therapeutics during the 1st quarter worth about $618,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter worth approximately $84,000. Finally, Corton Capital Inc. boosted its stake in Cullinan Therapeutics by 28.9% during the second quarter. Corton Capital Inc. now owns 21,712 shares of the company’s stock worth $163,000 after buying an additional 4,870 shares in the last quarter. 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.