Cullinan Therapeutics (NASDAQ:CGEM) Insider Sells $49,440.00 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $12.36, for a total transaction of $49,440.00. Following the completion of the transaction, the insider owned 158,649 shares in the company, valued at $1,960,901.64. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Jennifer Michaelson also recently made the following trade(s):

• On Tuesday, September 8th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $21.57, for a total transaction of $172,560.00.
• On Thursday, August 13th, Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $11.31 on Monday. The company has a market capitalization of $727.86 million, a PE ratio of -3.65 and a beta of -0.03. The company has a 50 day moving average price of $16.97 and a 200-day moving average price of $15.83. Cullinan Therapeutics, Inc. has a fifty-two week low of $6.73 and a fifty-two week high of $23.19.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. Elmind Capital LP acquired a new stake in shares of Cullinan Therapeutics in the 2nd quarter worth $12,564,900. BlackRock Inc. acquired a new position in Cullinan Therapeutics during the 2nd quarter valued at about $95,289,000. Engineers Gate Manager LP increased its position in Cullinan Therapeutics by 130.9% during the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock valued at $2,787,000 after buying an additional 86,762 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Cullinan Therapeutics in the second quarter valued at about $3,114,000. Finally, Blue Owl Capital Holdings LP purchased a new stake in Cullinan Therapeutics in the second quarter valued at about $28,039,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. BTIG Research upped their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of Cullinan Therapeutics in a report on Friday, October 2nd. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Finally, Wedbush upped their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.86.

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.