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

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

A number of other equities research analysts have also recently commented on CGEM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Wedbush increased their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. BTIG Research restated a “buy” rating and set a $40.00 price objective on shares of Cullinan Therapeutics in a report on Monday, October 19th. Finally, HC Wainwright restated a “buy” rating and set a $35.00 price objective on shares of Cullinan Therapeutics in a report on Friday, October 2nd. One investment 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 given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.71.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $14.37 on Friday. The company has a market capitalization of $924.85 million, a price-to-earnings ratio of -4.64 and a beta of -0.05. The stock has a 50 day moving average of $18.55 and a 200 day moving average of $16.86. Cullinan Therapeutics has a 12 month low of $6.73 and a 12 month high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, equities research analysts predict that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the transaction, the insider directly owned 162,844 shares in the company, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CGEM. BlackRock Inc. bought a new stake in shares of Cullinan Therapeutics during the second quarter valued at about $95,289,000. Blue Owl Capital Holdings LP bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $28,039,000. Boone Capital Management LLC bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $12,828,000. Elmind Capital LP bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $12,564,900. Finally, Bank of America Corp DE bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $9,293,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.