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 firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total value of $172,560.00. Following the completion of the transaction, the insider owned 158,844 shares of the company’s stock, valued at approximately $3,426,265.08. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, August 13th, Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00.
• On Monday, July 6th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $17.82, for a total transaction of $142,560.00.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM traded down $0.60 during trading hours on Thursday, reaching $20.71. The company’s stock had a trading volume of 188,454 shares, compared to its average volume of 855,504. The company’s 50-day moving average is $19.33 and its two-hundred day moving average is $16.33. Cullinan Therapeutics, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $23.19. The stock has a market cap of $1.33 billion, a PE ratio of -6.70 and a beta of 0.02.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Equities analysts expect that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. 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 $30.00 target price on shares of Cullinan Therapeutics in a report on Monday, August 17th. BTIG Research raised their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.86.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CGEM. Integrated Wealth Concepts LLC purchased a new stake in Cullinan Therapeutics in the 2nd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after acquiring an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP acquired a new stake in shares of Cullinan Therapeutics in the fourth quarter worth approximately $31,000. Allworth Financial LP purchased a new stake in Cullinan Therapeutics in the second quarter valued at approximately $53,000. Finally, Quantbot Technologies LP purchased a new stake in Cullinan Therapeutics in the second quarter valued at approximately $53,000. 86.31% of the stock is 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.