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

Key Points

• Wall Street Zen downgraded Cullinan Therapeutics from “Hold” to “Sell,” despite the broader analyst consensus remaining “Moderate Buy” with a $33.71 target price.
• Cullinan shares fell 3.7% to open at $14.37, well below the consensus target. The company reported a quarterly loss of $0.81 per share, slightly worse than analysts’ $0.80 estimate.
• Institutional ownership stands at 86.31%, with BlackRock and several other funds establishing or expanding positions during recent quarters; an insider also sold 8,000 shares at an average price of $21.57.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on the stock. HC Wainwright restated a "buy" rating and set a $35.00 target price on shares of Cullinan Therapeutics in a report on Friday, October 2nd. BTIG Research reiterated a "buy" rating and issued a $40.00 price objective on shares of Cullinan Therapeutics in a report on Monday, October 19th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. TD Cowen raised shares of Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Wedbush increased their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.71.

Cullinan Therapeutics Stock Down 3.7%

NASDAQ CGEM opened at $14.37 on Friday. Cullinan Therapeutics has a fifty-two week low of $6.73 and a fifty-two week high of $23.19. The business has a fifty day moving average of $18.55 and a 200-day moving average of $16.85. The stock has a market cap of $924.85 million, a price-to-earnings ratio of -4.64 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) 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). As a group, analysts anticipate that Cullinan Therapeutics will post -3.06 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the transaction, the insider directly owned 158,844 shares of the company's stock, valued at approximately $3,426,265.08. This trade represents 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 this hyperlink. Insiders own 8.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Cullinan Therapeutics during the second quarter worth $95,289,000. Blue Owl Capital Holdings LP bought a new position in shares of Cullinan Therapeutics in the second quarter worth approximately $28,039,000. Dimensional Fund Advisors LP boosted its holdings in Cullinan Therapeutics by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company's stock valued at $12,870,000 after acquiring an additional 57,259 shares in the last quarter. Boone Capital Management LLC purchased a new position in Cullinan Therapeutics during the second quarter valued at $12,828,000. Finally, Elmind Capital LP bought a new position in shares of Cullinan Therapeutics in the second quarter worth approximately $12,564,900. 86.31% of the stock is owned by institutional investors.

About Cullinan Therapeutics

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.

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