Cullinan Therapeutics (NASDAQ:CGEM) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Cullinan Therapeutics (NASDAQ:CGEM) from a sell rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also recently commented on CGEM. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, August 17th. BTIG Research boosted their price objective on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Finally, Wedbush lifted 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. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.86.

Cullinan Therapeutics Trading Down 0.3%

Shares of NASDAQ CGEM opened at $22.09 on Friday. The firm has a market capitalization of $1.42 billion, a P/E ratio of -7.13 and a beta of 0.02. The firm’s 50-day moving average price is $19.11 and its 200-day moving average price is $16.11. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Equities research analysts forecast that Cullinan Therapeutics will post -3.08 EPS for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company’s stock, valued at $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several large investors have recently bought and sold shares of CGEM. Caitong International Asset Management Co. Ltd boosted its holdings in 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 acquiring an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Cullinan Therapeutics in the 4th quarter worth $31,000. CWM LLC raised its holdings in shares of Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after purchasing an additional 1,318 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $53,000. Finally, Quantbot Technologies LP bought a new position in shares of Cullinan Therapeutics during the second quarter valued at about $53,000. 86.31% of the stock is currently owned by institutional investors.

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.