Cullinan Therapeutics (NASDAQ:CGEM) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Cullinan Therapeutics to “sell” from “hold,” though the broader analyst consensus remains “Moderate Buy” with a $32.86 price target.
• Cullinan shares opened at $20.59, with a market capitalization of approximately $1.33 billion; the stock has traded between $5.68 and $23.19 over the past year.
• The company reported a quarterly loss of $0.81 per share, slightly missing estimates, while insiders have sold 46,000 shares worth about $922,920 over the past 90 days.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Other research analysts have also issued research reports about the company. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, August 17th. BTIG Research raised their target price on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wedbush upped their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Thursday, August 13th. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. One equities research 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.86.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $20.59 on Friday. The company has a fifty day moving average of $19.46 and a two-hundred day moving average of $16.41. The company has a market capitalization of $1.33 billion, a PE ratio of -6.64 and a beta of 0.02. Cullinan Therapeutics has a 1 year low of $5.68 and a 1 year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, research analysts expect that Cullinan Therapeutics will post -3.08 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the completion of the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 46,000 shares of company stock worth $922,920. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in Cullinan Therapeutics in the second quarter valued at about $25,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock worth $28,000 after buying an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $31,000. Allworth Financial LP acquired a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $53,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $53,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company's approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.

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