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

Zacks Research lowered shares of Cullinan Therapeutics (NASDAQ:CGEM) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the company. BTIG Research upped their price target on Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, November 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. New Street Research set a $26.00 target price on Cullinan Therapeutics in a research note on Thursday, November 20th. Guggenheim started coverage on Cullinan Therapeutics in a report on Monday, February 2nd. They set a “buy” rating and a $30.00 price target on the stock. Finally, Citigroup started coverage on shares of Cullinan Therapeutics in a research report on Tuesday. They set a “buy” rating and a $33.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.33.

Cullinan Therapeutics Trading Down 1.7%

NASDAQ:CGEM opened at $13.65 on Thursday. The company has a market cap of $806.44 million, a P/E ratio of -4.12 and a beta of -0.09. Cullinan Therapeutics has a twelve month low of $5.68 and a twelve month high of $14.32. The company’s 50-day moving average price is $11.26 and its 200-day moving average price is $9.16.

Insiders Place Their Bets

In other news, insider Jacquelyn L. Sumer sold 3,480 shares of the stock in a transaction 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 approximately $1,309,627.44. This represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 9,922 shares of the business’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 sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 33,836 shares of company stock worth $361,087. Company insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several large investors have recently made changes to their positions in CGEM. Assenagon Asset Management S.A. lifted its stake in Cullinan Therapeutics by 1,665.9% during the third quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock worth $1,054,000 after purchasing an additional 167,623 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at $84,000. Voss Capital LP raised its holdings in shares of Cullinan Therapeutics by 43.8% in the 2nd quarter. Voss Capital LP now owns 251,717 shares of the company’s stock valued at $1,895,000 after buying an additional 76,717 shares during the period. Franklin Resources Inc. lifted its stake in Cullinan Therapeutics by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after acquiring an additional 8,399 shares in the last quarter. Finally, Caption Management LLC boosted its holdings in Cullinan Therapeutics by 107.0% during the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after acquiring an additional 435,062 shares during the period. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Company Profile

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.