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 report published on Sunday morning.

A number of other brokerages have also recently commented on CGEM. New Street Research set a $26.00 price target on Cullinan Therapeutics in a research report on Thursday, November 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Monday, December 29th. HC Wainwright boosted their price objective on Cullinan Therapeutics from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Finally, Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They issued a “buy” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.88.

Cullinan Therapeutics Stock Up 3.0%

Shares of CGEM stock opened at $12.19 on Friday. The firm has a market cap of $720.19 million, a P/E ratio of -3.68 and a beta of -0.09. The company has a 50 day moving average of $11.15 and a 200-day moving average of $8.93. Cullinan Therapeutics has a 12-month low of $5.68 and a 12-month high of $13.43.

Insider Buying and Selling

In other news, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $9.67, for a total value of $44,791.44. Following the transaction, the insider owned 169,532 shares of the company’s stock, valued at approximately $1,639,374.44. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacquelyn L. Sumer sold 3,480 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $33,651.60. Following the completion of the transaction, the insider owned 135,432 shares in the company, valued at $1,309,627.44. This represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 33,420 shares of company stock valued at $356,082. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after acquiring an additional 1,318 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Cullinan Therapeutics by 689.7% during the 4th quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after purchasing an additional 3,607 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cullinan Therapeutics by 29.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,909 shares of the company’s stock worth $103,000 after purchasing an additional 2,268 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in Cullinan Therapeutics in the fourth quarter worth $104,000. Hedge funds and other 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.