Cullinan Therapeutics (NASDAQ:CGEM) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cullinan Therapeutics from “sell” to “hold,” while broader analyst sentiment remains “Moderate Buy” with an average price target of $32.86.
• Cullinan shares opened at $22.09, near their 52-week high of $23.19, and trade above both their 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.81 per share, slightly worse than the $0.80 consensus estimate; institutional investors own a substantial 86.31% of outstanding shares.

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

Other equities research analysts also recently issued research reports about the company. TD Cowen upgraded Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. Wedbush raised their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. BTIG Research lifted their price objective on 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 reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Finally, HC Wainwright reissued a "buy" rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $32.86.

Cullinan Therapeutics Price Performance

Shares of Cullinan Therapeutics stock opened at $22.09 on Friday. The firm has a 50 day simple moving average of $19.11 and a 200 day simple moving average of $16.11. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $23.19. The firm has a market cap of $1.42 billion, a P/E ratio of -7.13 and a beta of 0.02.

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

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction 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. The trade was a 15.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.60% of the company's stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Lynx1 Capital Management LP increased its holdings in Cullinan Therapeutics by 31.0% in the third 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. BlackRock Inc. bought a new position in Cullinan Therapeutics during the second quarter worth about $95,289,000. State Street Corp grew its position in shares of 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 period. Affinity Asset Advisors LLC grew its position in shares of Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after buying an additional 1,668,289 shares during the period. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth about $28,039,000. 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.

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