Cullinan Therapeutics (NASDAQ:CGEM) Insider Jennifer Michaelson Sells 8,000 Shares of Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total value of $172,560.00. Following the sale, the insider owned 158,844 shares in the company, valued at $3,426,265.08. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Jennifer Michaelson also recently made the following trade(s):

• On Thursday, August 13th, Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00.
• On Monday, July 6th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $17.82, for a total transaction of $142,560.00.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $21.00 on Friday. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -6.77 and a beta of 0.02. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $23.19. The firm’s 50-day simple moving average is $19.40 and its two-hundred day simple moving average is $16.38.

Cullinan Therapeutics (NASDAQ:CGEM) last released its 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). Analysts forecast that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CGEM. BTIG Research raised their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen raised Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Wedbush increased their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Lynx1 Capital Management LP raised its holdings in Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the period. BlackRock Inc. bought a new position in shares of Cullinan Therapeutics in the second quarter worth $95,289,000. State Street Corp grew its position in shares of Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after purchasing an additional 520,024 shares in the last quarter. Affinity Asset Advisors LLC raised its stake in shares of 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 purchasing an additional 1,668,289 shares during the period. Finally, Blue Owl Capital Holdings LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $28,039,000. 86.31% of the stock is 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.