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

Cullinan Therapeutics (NASDAQ:CGEM) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

CGEM has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Wedbush lifted their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Cullinan Therapeutics in a report on Friday, October 2nd. Finally, BTIG Research reiterated a “buy” rating and issued a $40.00 price objective on shares of Cullinan Therapeutics in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.71.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $14.37 on Friday. The company has a 50 day moving average price of $18.55 and a 200-day moving average price of $16.85. Cullinan Therapeutics has a 1-year low of $6.73 and a 1-year high of $23.19. The firm has a market cap of $924.85 million, a price-to-earnings ratio of -4.64 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). On average, sell-side analysts anticipate that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors have recently modified their holdings of the company. Ellsworth Advisors LLC bought a new position in Cullinan Therapeutics in the 3rd quarter valued at $1,149,000. GAMMA Investing LLC raised its holdings in shares of Cullinan Therapeutics by 38.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $41,000 after purchasing an additional 738 shares during the period. Engineers Gate Manager LP raised its position in shares of Cullinan Therapeutics by 130.9% in the second quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after purchasing an additional 86,762 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Cullinan Therapeutics during the second quarter valued at approximately $25,000. Finally, Squarepoint Ops LLC bought a new position in Cullinan Therapeutics in the 2nd quarter worth about $3,061,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.