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

Wall Street Zen lowered shares of Cullinan Therapeutics (NASDAQ:CGEM) from a hold rating to a sell rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

Other research analysts also recently issued reports about the stock. Wedbush increased their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, August 17th. BTIG Research upped their price objective on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $32.86.

Cullinan Therapeutics Price Performance

Cullinan Therapeutics stock opened at $20.59 on Friday. Cullinan Therapeutics has a 52-week low of $5.68 and a 52-week high of $23.19. The company has a market cap of $1.33 billion, a P/E ratio of -6.64 and a beta of 0.02. The business has a 50-day simple moving average of $19.46 and a two-hundred day simple moving average of $16.43.

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

Insiders Place Their Bets

In other Cullinan Therapeutics 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 transaction of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 46,000 shares of company stock valued at $922,920. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CGEM. Integrated Wealth Concepts LLC bought a new stake in Cullinan Therapeutics in the 2nd quarter valued at $25,000. Caitong International Asset Management Co. Ltd lifted 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 worth $28,000 after purchasing an additional 1,036 shares in the last quarter. Allworth Financial LP bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $53,000. Quantbot Technologies LP bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $53,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Cullinan Therapeutics during the fourth quarter valued at about $31,000. Institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.