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

Cullinan Therapeutics (NASDAQ:CGEM) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other equities analysts also recently issued reports on the company. Wedbush increased their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. HC Wainwright increased their target price on Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Citigroup started coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 target price for the company. Finally, Zacks Research downgraded Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Seven 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.75.

Cullinan Therapeutics Trading Down 6.4%

Shares of CGEM stock opened at $13.51 on Friday. The company has a market cap of $830.32 million, a price-to-earnings ratio of -4.02 and a beta of -0.01. The stock has a 50 day simple moving average of $14.53 and a 200-day simple moving average of $12.86. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. On average, equities analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Cullinan Therapeutics

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its stake in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after purchasing an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP purchased a new position in Cullinan Therapeutics in the 4th quarter valued at approximately $31,000. CWM LLC increased its stake in Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares in the last quarter. Signaturefd LLC increased its stake in Cullinan Therapeutics by 689.7% in the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after purchasing an additional 3,607 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Cullinan Therapeutics by 160.6% in the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after purchasing an additional 2,492 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

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.