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 report published on Saturday.

A number of other research analysts have also recently weighed in on CGEM. HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Wedbush boosted their price target on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday. BTIG Research reaffirmed a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a report on Monday, May 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Finally, Guggenheim started coverage on shares of Cullinan Therapeutics in a report on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $14.55 on Friday. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $16.74. The stock has a market cap of $894.10 million, a PE ratio of -4.33 and a beta of -0.09. The firm’s 50-day simple moving average is $14.27 and its 200 day simple moving average is $11.84.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, topping the consensus estimate of ($0.84) by $0.09. As a group, analysts predict that Cullinan Therapeutics will post -3.03 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $13.62, for a total value of $59,900.76. Following the transaction, the chief financial officer owned 126,380 shares of the company’s stock, valued at $1,721,295.60. This represents a 3.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Alan Jones sold 4,982 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $67,854.84. Following the completion of the transaction, the insider directly owned 164,550 shares in the company, valued at $2,241,171. The trade was a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 86,492 shares of company stock worth $1,230,319. Company insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Lynx1 Capital Management LP increased its holdings in shares of Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after buying an additional 1,365,248 shares during the last quarter. Blue Owl Capital Holdings LP boosted its stake in shares of Cullinan Therapeutics by 5.2% in the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after purchasing an additional 125,000 shares in the last quarter. State Street Corp boosted its position in Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after buying an additional 520,024 shares during the period. Affinity Asset Advisors LLC boosted its position in Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after buying an additional 1,668,289 shares during the period. Finally, Geode Capital Management LLC boosted its position in Cullinan Therapeutics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company’s stock valued at $13,481,000 after buying an additional 6,942 shares during the period. Institutional investors own 86.31% of the company’s stock.

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.