Jacquelyn Sumer Sells 3,601 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jacquelyn Sumer sold 3,601 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total transaction of $52,106.47. Following the sale, the insider directly owned 128,089 shares in the company, valued at $1,853,447.83. This represents a 2.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Cullinan Therapeutics Price Performance

Shares of CGEM stock traded up $0.09 during trading on Wednesday, reaching $14.36. The company’s stock had a trading volume of 858,348 shares, compared to its average volume of 730,212. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $14.56. The stock’s 50-day moving average price is $11.41 and its 200 day moving average price is $9.27. The company has a market capitalization of $848.33 million, a price-to-earnings ratio of -4.34 and a beta of -0.09.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cullinan Therapeutics by 1.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock valued at $497,000 after purchasing an additional 888 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after buying an additional 1,036 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of Cullinan Therapeutics by 2.7% in the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock valued at $489,000 after buying an additional 1,255 shares in the last quarter. CWM LLC grew its position in shares of 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 buying an additional 1,318 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its stake in Cullinan Therapeutics by 3.8% during the 3rd quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock worth $242,000 after acquiring an additional 1,503 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup initiated coverage on Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Wedbush boosted their price objective on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, November 20th. Finally, Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

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.