Wall Street Zen Upgrades Cullinan Therapeutics (NASDAQ:CGEM) to “Hold”

Cullinan Therapeutics (NASDAQ:CGEM) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

CGEM has been the topic of a number of other reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, January 8th. BTIG Research increased their target price on Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a report on Monday, November 24th. New Street Research set a $26.00 price target on Cullinan Therapeutics in a report on Thursday, November 20th. Finally, HC Wainwright increased their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 8th. One equities research 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.71.

Cullinan Therapeutics Price Performance

CGEM stock opened at $11.96 on Friday. The firm has a market capitalization of $706.55 million, a P/E ratio of -3.61 and a beta of -0.09. The business’s 50-day moving average is $11.03 and its two-hundred day moving average is $8.70. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $13.33.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.18. On average, analysts expect that Cullinan Therapeutics will post -3.04 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $12.30, for a total transaction of $49,200.00. Following the sale, the insider owned 128,635 shares in the company, valued at approximately $1,582,210.50. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nadim Ahmed sold 9,922 shares of the business’s 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 completion of the sale, the chief executive officer directly owned 420,699 shares of the company’s stock, valued at $4,211,196.99. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 33,420 shares of company stock worth $356,082. 7.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of the business. CWM LLC lifted its holdings in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after acquiring an additional 1,318 shares during the period. Rafferty Asset Management LLC increased its holdings in shares of Cullinan Therapeutics by 3.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock valued at $242,000 after purchasing an additional 1,503 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cullinan Therapeutics by 29.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,909 shares of the company’s stock valued at $103,000 after purchasing an additional 2,268 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after buying an additional 2,767 shares during the period. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.