Cullinan Therapeutics (NASDAQ:CGEM) Insider Jennifer Michaelson Sells 8,000 Shares

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total transaction of $116,960.00. Following the completion of the sale, the insider owned 166,844 shares of the company’s stock, valued at approximately $2,439,259.28. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Thursday, March 5th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $15.68, for a total value of $125,440.00.
• On Wednesday, February 25th, Jennifer Michaelson sold 1,780 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $14.14, for a total value of $25,169.20.
• On Tuesday, February 24th, Jennifer Michaelson sold 3,601 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $14.47, for a total transaction of $52,106.47.
• On Monday, February 23rd, Jennifer Michaelson sold 1,752 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $13.99, for a total transaction of $24,510.48.
• On Friday, February 20th, Jennifer Michaelson sold 11,742 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $14.08, for a total value of $165,327.36.
• On Thursday, February 12th, Jennifer Michaelson sold 416 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $12.03, for a total value of $5,004.48.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM traded up $0.05 during mid-day trading on Wednesday, reaching $14.99. 886,285 shares of the company’s stock were exchanged, compared to its average volume of 782,875. The firm has a market capitalization of $921.14 million, a price-to-earnings ratio of -4.47 and a beta of -0.09. Cullinan Therapeutics, Inc. has a 52-week low of $5.68 and a 52-week high of $16.74. The company’s 50-day moving average is $14.24 and its 200-day moving average is $11.75.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Tuesday, March 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.03. As a group, equities analysts predict that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CGEM. Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. Guggenheim began coverage on shares of Cullinan Therapeutics in a research note on Monday, February 2nd. They set a “buy” rating and a $30.00 price target on the stock. Morgan Stanley reissued an “overweight” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, January 8th. Citigroup initiated coverage on shares of Cullinan Therapeutics in a research note on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Eight analysts have rated the stock with 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 an average rating of “Moderate Buy” and a consensus price target of $29.89.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CGEM. Affinity Asset Advisors LLC increased its position in shares of Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Lynx1 Capital Management LP lifted 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 valued at $34,193,000 after purchasing an additional 1,365,248 shares during the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at about $12,803,000. State Street Corp grew its stake in Cullinan Therapeutics by 31.0% during the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after buying an additional 520,024 shares during the last quarter. Finally, Caption Management LLC increased its position in Cullinan Therapeutics by 107.0% during the third quarter. Caption Management LLC now owns 28,389 shares of the company’s stock worth $168,000 after buying 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.