Cullinan Therapeutics (NASDAQ:CGEM) Downgraded to Hold Rating by Zacks Research

Cullinan Therapeutics (NASDAQ:CGEM) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

CGEM has been the topic of several other reports. New Street Research set a $26.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, November 20th. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Monday, December 29th. Finally, Guggenheim assumed coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They issued 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. According to data from MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $13.65 on Thursday. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $14.32. The company has a market cap of $806.44 million, a price-to-earnings ratio of -4.12 and a beta of -0.09. The firm has a fifty day moving average of $11.26 and a 200-day moving average of $9.16.

Insider Buying and Selling at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 9,922 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $10.01, for a total transaction of $99,319.22. Following the completion of the transaction, the chief executive officer owned 420,699 shares in the company, valued at approximately $4,211,196.99. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacquelyn L. Sumer sold 3,480 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total transaction of $33,651.60. Following the completion of the transaction, the insider directly owned 135,432 shares in the company, valued at $1,309,627.44. This represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 33,836 shares of company stock valued at $361,087 in the last ninety days. 7.16% of the stock is owned by insiders.

Institutional Trading of Cullinan Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC grew its position in Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after buying an additional 1,668,289 shares during the last quarter. Lynx1 Capital Management LP lifted its position in shares of 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 last quarter. Boothbay Fund Management LLC bought a new stake in shares of Cullinan Therapeutics during the 4th quarter worth $12,803,000. State Street Corp boosted its stake in shares of Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after acquiring an additional 520,024 shares in the last quarter. Finally, Caption Management LLC grew its holdings in shares of Cullinan Therapeutics by 107.0% in the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock worth $168,000 after acquiring an additional 435,062 shares during the last quarter. 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.