Cullinan Therapeutics (NASDAQ:CGEM) Cut to Sell at Wall Street Zen

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

CGEM has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. TD Cowen raised Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. BTIG Research restated a “buy” rating and issued a $40.00 price target on shares of Cullinan Therapeutics in a research note on Monday, October 19th. Finally, Wedbush upped their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. One research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.71.

Cullinan Therapeutics Trading Up 1.2%

Shares of NASDAQ CGEM opened at $14.54 on Friday. Cullinan Therapeutics has a 12 month low of $6.73 and a 12 month high of $23.19. The firm has a market capitalization of $935.79 million, a PE ratio of -4.69 and a beta of -0.05. The firm has a fifty day simple moving average of $18.39 and a two-hundred day simple moving average of $15.69.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, sell-side analysts predict that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Cullinan Therapeutics during the second quarter valued at about $95,289,000. Blue Owl Capital Holdings LP purchased a new stake in shares of Cullinan Therapeutics in the second quarter worth about $28,039,000. Dimensional Fund Advisors LP boosted its position in shares of Cullinan Therapeutics by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company’s stock valued at $12,870,000 after acquiring an additional 57,259 shares during the last quarter. Boone Capital Management LLC purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter worth $12,828,000. Finally, Elmind Capital LP purchased a new position in Cullinan Therapeutics in the second quarter worth about $12,564,900. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.