Cullinan Therapeutics (NASDAQ:CGEM) Stock Moved Up to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Cullinan Therapeutics (NASDAQ:CGEM) from a sell rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

CGEM has been the subject of a number of other reports. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wedbush boosted their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, BTIG Research reaffirmed a “buy” rating and set a $40.00 price objective on shares of Cullinan Therapeutics in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.71.

Cullinan Therapeutics Stock Up 0.5%

CGEM stock opened at $15.53 on Friday. The company’s 50-day simple moving average is $19.39 and its 200-day simple moving average is $16.81. Cullinan Therapeutics has a 52-week low of $6.73 and a 52-week high of $23.19. The firm has a market cap of $999.51 million, a P/E ratio of -5.01 and a beta of -0.05.

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

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total transaction of $172,560.00. Following the completion of the sale, the insider directly owned 158,844 shares in the company, valued at approximately $3,426,265.08. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Cullinan Therapeutics by 38.3% during the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $41,000 after acquiring an additional 738 shares during the last quarter. AlphaCentric Advisors LLC lifted its stake in shares of Cullinan Therapeutics by 5.7% in the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company’s stock valued at $286,000 after purchasing an additional 1,094 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Cullinan Therapeutics during the 2nd quarter worth $25,000. Allworth Financial LP grew its holdings in shares of Cullinan Therapeutics by 152.4% during the 2nd quarter. Allworth Financial LP now owns 2,893 shares of the company’s stock worth $53,000 after purchasing an additional 1,747 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Cullinan Therapeutics by 160.6% during the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after purchasing an additional 2,492 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan’s pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.