Cullinan Therapeutics (NASDAQ:CGEM) Raised to Hold at Wall Street Zen

Cullinan Therapeutics (NASDAQ:CGEM) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

A number of other analysts have also issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. Citigroup initiated coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 target price on the stock. Wedbush restated an “outperform” rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research note on Thursday. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.00.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $13.70 on Friday. The firm’s 50-day moving average is $14.47 and its two-hundred day moving average is $13.01. Cullinan Therapeutics has a 12 month low of $5.68 and a 12 month high of $16.74. The stock has a market capitalization of $842.00 million, a P/E ratio of -4.08 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. As a group, analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total value of $116,960.00. Following the transaction, the insider directly owned 166,844 shares in the company, valued at $2,439,259.28. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently modified their holdings of the company. Blue Owl Capital Holdings LP boosted its holdings in shares of Cullinan Therapeutics by 5.2% in the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after acquiring an additional 125,000 shares during the period. AXQ Capital LP acquired a new stake in shares of Cullinan Therapeutics in the third quarter valued at approximately $194,000. UBS Group AG boosted its holdings in shares of Cullinan Therapeutics by 44.4% in the fourth quarter. UBS Group AG now owns 271,736 shares of the company’s stock valued at $2,812,000 after acquiring an additional 83,551 shares during the period. Tema Etfs LLC acquired a new stake in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $383,000. Finally, ProShare Advisors LLC boosted its holdings in shares of Cullinan Therapeutics by 15.3% in the fourth quarter. ProShare Advisors LLC now owns 12,489 shares of the company’s stock valued at $129,000 after acquiring an additional 1,661 shares during the period. 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.