Cullinan Therapeutics (NASDAQ:CGEM) Stock Rating Upgraded by Wall Street Zen

Cullinan Therapeutics (NASDAQ:CGEM) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

CGEM has been the topic of several other research reports. BTIG Research increased their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Finally, Wedbush raised their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average price target of $32.86.

Cullinan Therapeutics Price Performance

CGEM stock opened at $22.09 on Friday. Cullinan Therapeutics has a 52 week low of $5.68 and a 52 week high of $23.19. The business has a 50-day simple moving average of $19.11 and a 200 day simple moving average of $16.14. The company has a market cap of $1.42 billion, a PE ratio of -7.13 and a beta of 0.02.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). On average, analysts anticipate that Cullinan Therapeutics will post -3.08 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This represents a 15.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 acquiring an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP bought a new stake in Cullinan Therapeutics during the 4th quarter worth $31,000. CWM LLC grew its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares during the last quarter. Allworth Financial LP acquired a new position in Cullinan Therapeutics in the 2nd quarter worth about $53,000. Finally, Quantbot Technologies LP acquired a new position in Cullinan Therapeutics in the 2nd quarter worth about $53,000. 86.31% of the stock is currently 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.