Cullinan Therapeutics (NASDAQ:CGEM) Cut to Hold at Zacks Research

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

A number of other research analysts have also recently commented on CGEM. HC Wainwright increased their target price on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Wedbush raised their target price on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Citigroup began coverage on shares of Cullinan Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $33.00 price target on the stock. Guggenheim began coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.33.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $13.65 on Thursday. The firm’s 50 day moving average price is $11.26 and its two-hundred day moving average price is $9.16. Cullinan Therapeutics has a 52-week low of $5.68 and a 52-week high of $14.32. The stock has a market cap of $806.39 million, a PE ratio of -4.12 and a beta of -0.09.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $12.30, for a total value of $49,200.00. Following the transaction, the insider directly owned 128,635 shares in the company, valued at $1,582,210.50. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Alan Jones sold 4,632 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 169,532 shares in the company, valued at approximately $1,639,374.44. The trade was a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 33,836 shares of company stock valued at $361,087. 7.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGEM. Affinity Asset Advisors LLC boosted its holdings in shares of 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 acquiring an additional 1,668,289 shares during the period. Lynx1 Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after purchasing an additional 1,365,248 shares in the last quarter. Boothbay Fund Management LLC bought a new position in Cullinan Therapeutics during the fourth quarter valued at approximately $12,803,000. State Street Corp grew its holdings 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 valued at $22,742,000 after purchasing an additional 520,024 shares during the last quarter. Finally, Caption Management LLC grew its stake in shares of Cullinan Therapeutics by 107.0% during the third quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after buying an additional 435,062 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

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.