Cullinan Therapeutics (NASDAQ:CGEM) Stock Rating Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cullinan Therapeutics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $33.71.
• CGEM shares opened at $15.53, below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.81 per share, slightly missing estimates, and analysts expect a full-year loss of $3.06 per share.
• Institutional investors own 86.31% of the stock, with BlackRock and other funds establishing or expanding positions; meanwhile, an insider sold 8,000 shares at an average price of $21.57.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other analysts also recently commented on CGEM. TD Cowen upgraded Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. HC Wainwright reiterated a "buy" rating and set a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Wedbush increased their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, August 13th. Finally, BTIG Research reiterated a "buy" rating and set a $40.00 target price on shares of Cullinan Therapeutics in a research report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Cullinan Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $33.71.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $15.53 on Friday. The company has a 50-day simple moving average of $19.39 and a 200-day simple moving average of $16.81. The firm has a market capitalization of $999.51 million, a P/E ratio of -5.01 and a beta of -0.05. Cullinan Therapeutics has a 52 week low of $6.73 and a 52 week high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). As a group, equities analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total value of $172,560.00. Following the sale, the insider directly owned 158,844 shares in the company, valued at $3,426,265.08. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in CGEM. Elmind Capital LP acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth approximately $12,564,900. BlackRock Inc. bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $95,289,000. Engineers Gate Manager LP boosted its holdings in shares of Cullinan Therapeutics by 130.9% in the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company's stock worth $2,787,000 after acquiring an additional 86,762 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Cullinan Therapeutics in the 2nd quarter worth approximately $3,114,000. Finally, Blue Owl Capital Holdings LP bought a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $28,039,000. Institutional investors and hedge funds own 86.31% of the company's stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer and autoimmune diseases. The company uses a portfolio-based approach to advance targeted therapies and immune-modulating treatments intended to address significant unmet medical needs.

Cullinan's pipeline includes zovoltamab brengitecan (CLN-978), an investigational CD19-directed T-cell engager being studied in B-cell malignancies and autoimmune conditions, and CLN-619, an investigational antibody designed to target MICA and MICB proteins and stimulate anti-tumor immune responses.

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